The state of Israel is located in the Middle East and it is a parliamentary republic state. The currency used in the state of Israel is the Israeli Shekel. Its equivalent value to USD is:
1 Israeli shekel = 0.264445 U.S. dollars
What is the history behind this currency? When was it was put forth to use?
Israel has two currencies namely the Old Shekel and the New Shekel. The Old Shekel existed for a short duration in the early 1980’s due to the high inflation rate. This led to the birth of the New Shekel in 1986 with a rate of 1,000 old shekalim = 1 new shekel.
In 2003 this currency has been made a freely convertible currency and trading is available with this currency. It is also a currency which can be exchanged in many parts of the world.
Are the coins and currencies being printed in Israel?
The answer for the above question is no. The coins and currencies are produced in Switzerland. The color of the notes differ according to their value. At present, the 20 Shekel currency comes in green color, 50 Shekel in purple, 100 Shekel in brown and 200 Shekel in red which are in circulation.
The inflation rate in Israel is relatively less and it is around 2.6%. The inflation rate decides the value of currency for that state. If the rate of inflation is high then the value of the currency will decrease automatically. The rate of inflation depends on the Consumer Price Index, so the lesser the inflation rate, the better the value of the currency.
Was this new currency steady throughout?
No. Like most of the currencies, this currency has seen a fall in the past few recent years. But in the present, the currency has a better growth rate in the trading market and the traders have more confidence in investing their money with the Israeli Shekel currency.
The Israeli Shekel currency symbol is the combination of two Hebrew letters ש"ח. The exchange rates for the Israeli Shekel are given below
The future of this currency according to the statistical report says that 1,000,000 Israeli Shekelim can approximately be equal to 213,700 USD, so this can be valuable information for those people who are looking to trade with the Israel Shekel currency.
This currency has proved itself to be worthy among the investors for a few years and it is still continuing its presence in the foreign exchange market. The currency code for the new Shekel has been announced as ILS. It might not be in the list of the top 15 traded currencies by value but it has a significant value in the exchange rates which makes this currency worth trading. So trading with this currency can yield you a better profit and the interest rate of Israel seem to be around 2.75 percent which can increase in the future.
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