Israeli New Sheqel (ILS)
₪ · Official currency of Israel
ILS at a glance
Every fact on this page is drawn from Bank of Israel or another primary source — see the 7 sources cited below.
| Currency | Israeli New Sheqel |
|---|---|
| ISO 4217 code | ILS · number 376 |
| Symbol | ₪ |
| Minor unit | 1 ILS = 100 agora |
| Used in | 1 country or territory |
| Pegged to | Not pegged |
| Central bank | Bank of Israel |
| Official rates | Bank of Israel → |
| Introduced | 1985 |
Where the Israeli New Sheqel is used
- Israel
Exchange rate regime Free float
Israel operates a free-floating exchange rate regime: the Bank of Israel states that its policy is based on the unrestrained fluctuation of the shekel against other currencies, and the daily representative rate it publishes carries no obligatory legal status. The Bank nonetheless holds foreign-currency reserves it may use to intervene, including when the rate deviates from a range consistent with the economy's underlying equilibrium.
About the Israeli New Sheqel
The Israeli New Sheqel (ILS) is the official currency of Israel, issued by the Bank of Israel and denoted domestically by the symbol ₪, written before the amount. One sheqel divides into 100 agorot, and ISO 4217 assigns the currency the alphabetic code ILS and the numeric code 376. It took its "new" name from a 1985 monetary reform, and the Bank of Israel today operates a free-floating exchange rate policy for the shekel against other world currencies.
Backing that policy, the Bank of Israel holds foreign-currency reserves under Section 4(2) of the Bank of Israel Law, which it can draw on to intervene if the foreign-exchange market stops functioning properly, or to give the economy an emergency stock of foreign currency during a crisis. Its daily representative shekel rate, covering fourteen currencies from the US dollar to the Egyptian pound, is published for reference only and, by the Bank's own account, has "no obligatory status under law."
The shekel has been renamed twice since Israeli independence. The Israeli lira gave way to the shekel in February 1980, at 10 lirot to one shekel, and the shekel itself was replaced by the New Israeli Sheqel in 1985, at 1,000 old shekels to one new sheqel, under the government's July 1985 Economic Stabilization Program. The Bank of Israel itself was established under the Bank of Israel Law, passed by the Knesset on 24 August 1954, opening to the public that December.
Israel's third banknote series, issued from 2014, is devoted entirely to Hebrew poets and writers, which the Bank of Israel describes as its only series dedicated to intellectual and literary figures; it includes Leah Goldberg on the ₪100 note and Nathan Alterman on the ₪200 note. Each banknote is 7 millimetres longer than the denomination below it, a tactile aid for users with visual impairments. Coins in circulation run from 10 agorot to ₪10, and banknotes from ₪20 to ₪200.
ILS coins & banknotes
- 10 agorot
- ₪½
- ₪1
- ₪2
- ₪5
- ₪10
- ₪20
- ₪50
- ₪100
- ₪200
ILS quick facts
- The decision to replace the Israeli lira with the shekel was kept secret until the day it took effect, 22 February 1980.
- Israel's third banknote series (from 2014) portrays only Hebrew poets: Leah Goldberg on the ₪100 note, Nathan Alterman on the ₪200 note.
- The New Sheqel replaced the old shekel at 1,000:1 in the 1985 Economic Stabilization Program, five years after the shekel replaced the Israeli lira in 1980.
- David Horowitz served as the Bank of Israel's first Governor, from 1954 to 1971; before the Bank's founding, banknotes had been issued by the Anglo-Palestine Bank's Issue Department under the 1948 Bank Notes Ordinance.
- Israel's first banknote series, issued in 1955, pictured landscapes and flowers of the Land of Israel on the front, with abstract patterns on the back meant to deter counterfeiting.
ILS frequently asked questions
Is the Israeli shekel pegged to another currency?
No. The Bank of Israel operates a free-floating exchange rate policy, stating that the shekel's value moves through unrestrained fluctuation against other currencies. The Bank publishes a daily representative rate for reference, but by its own account this rate has no obligatory legal status, and the Bank reserves the right to intervene in the foreign-exchange market when the rate deviates from a range consistent with the economy's underlying equilibrium.
What is the symbol for the Israeli shekel?
The Israeli new sheqel is written with the symbol ₪, placed before the amount, as in ₪50. Its ISO 4217 alphabetic code is ILS and its numeric code is 376. One sheqel divides into 100 agorot, and coins currently in circulation run from 10 agorot to ₪10, with banknotes from ₪20 to ₪200.
Who issues the Israeli shekel?
The Bank of Israel has sole authority to issue Israel's legal-tender banknotes and coins, including commemorative and special coins, and it alone sets the country's monetary and exchange rate policy. It was established under the Bank of Israel Law, passed by the Knesset on 24 August 1954, and opened to the public on 1 December 1954.
What replaced the old Israeli shekel?
The New Israeli Sheqel replaced the old shekel in 1985, at a rate of 1,000 old shekels to one new sheqel, under the government's July 1985 Economic Stabilization Program. The old shekel had itself replaced the Israeli lira in February 1980, at a rate of 10 lirot to one shekel.
Explore ILS
Facts on this page are sourced from Bank of Israel and other primary references (7 sources). Rates are mid-market and for information only.
Sources for this ILS profile
7 primary sources behind the facts above, each listed with the sections of this page it is cited for. Links open on the publisher's own site.
- Bank of Israel www.boi.org.il/en/economic-roles/financial-markets/exchange-rates/ Cited for: Exchange rate regime · About · FAQ
- Bank of Israel www.boi.org.il/en/economic-roles/foreign-exchange-reserves/ Cited for: Exchange rate regime · About · FAQ
- Bank of Israel www.boi.org.il/en/economic-roles/monetary-policy/ Cited for: Exchange rate regime
- Bank of Israel www.boi.org.il/en/economic-roles/banknotes-and-coins/ Cited for: Coins & banknotes · About · Quick facts
- Bank of Israel www.boi.org.il/en/information-and-service-to-the-public/my-cash-banknotes/cash-window/ Cited for: Coins & banknotes · Minor unit · FAQ
- Bank of Israel www.boi.org.il/en/bank-of-israel/about-the-bank-of-israel/ Cited for: Introduced · Where it is used · About · Quick facts · FAQ
- Bank of Israel www.boi.org.il/en/bank-of-israel/education-and-visitors-center/trivia-israel-s-coins-and-banknotes/ Cited for: About · Quick facts