Israel is a Middle Eastern country located on the Mediterranean Sea. It is regarded by Christians, Jews, and Muslims as the biblical Holy Land. Israeli new shekel (ILS) is the country's official currency issued by the Bank of Israel. It consists of 100 agorot. The word "shekel" was originally a unit of weight that was approximately one ounce. In 1980, the shekel replaced the Israeli lira as the currency of Israel.
As of 2016, the new shekel is issued by the Bank of Israel, while Switzerland produces the banknotes and South Korea, the coins. There are distinct divisions of the new shekel which includes 0.5 shekel and 10 agorot. In 1986, the new shekel served as the official currency of Israel. The old shekel underwent a period of inflation during the 1980s. The new shekel replaced it then in 1986 at a ratio of 1,000:1. The new rate shifted into one new shekel corresponding to 1,000 old sheqalim. The new shekel has managed long-lasting stability despite a slump in Israel within 2008 and 2009. This is thanks to the implementation of Israel's new economic policies and the state's banks' prosperity. In 2003, the Israeli new shekel grew into a freely convertible currency, beginning trading derivatives in 2006, and became fully convertible in 2008.