Israel, Currency

The Israeli new sheqel or New Israeli sheqel (abbr. NIS; symbol: ₪; also spelled shekel; pl. sheqalim or shekalim) is the currency of Israel. It replaced the Israeli sheqel in 1985 at a rate of 1000 Israeli sheqels per 1 New Israeli sheqel. The ISO 4217 code for the NIS is ILS. The NIS is divided into 100 agorot (sing. agora). In Hebrew, the NIS is called "שקל חדש" (Sheqel Khadash), and is usually abbreviated ש"ח (pronounced shakh). The symbol for the NIS is ₪, a combination of the first Hebrew letters of the words sheqel (ש) and khadash (ח). Read more

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Source: FOREX Bank

Source: ECB

A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange (rather than e.g. a store of value). A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in "coins and currency", but this is misleading. Coins and paper money are both forms of currency. Read more

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