The official currency of Israel is the Israeli new shekel (symbol: ₪, currency code: ILS), abbreviated as NIS. It was introduced on January 1, 1986, replacing the old shekel at a ratio of 1,000:1 to stabilize the economy during a period of hyperinflation . The new shekel is subdivided into 100 agorot. Banknotes are issued in denominations of 20, 50, 100, and 200 shekels, while coins come in 10 agorot, 1/2 shekel, and 1, 2, 5, and 10 shekels . The currency symbol ₪ is derived from the first Hebrew letters of the words "shekel" (ש) and "hadash" (ח), meaning "new" . The Bank of Israel is responsible for issuing the new shekel, which has become fully convertible since 2003 and is actively traded on international financial markets.




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