Israel's basic unit of currency is the Israeli Shekel (₪). The Israeli Shekel is abbreviated as ILS and is the official legal tender in the country. It has been in circulation since 1985, replacing the Israeli Lira. The Shekel is subdivided into 100 Agorot, although Agorot are rarely used in everyday transactions.
The Israeli Shekel is issued and regulated by the Bank of Israel, which is the country's central bank. The bank's primary objective is to maintain price stability and support the economic growth of Israel. It also monitors the currency exchange rates to ensure a stable and competitive foreign exchange market.
Since its introduction, the Shekel has been the backbone of Israel's economy. It plays a crucial role in both domestic and international trade, making it essential for businesses and individuals alike to understand its value and exchange rates.
The exchange rate of the Israeli Shekel fluctuates against other major currencies, such as the US Dollar, Euro, and British Pound. This means that when converting currencies, the value of the Shekel may vary. It is advisable to check the current exchange rates before engaging in any currency conversion or international transactions.
To access Israeli Shekels, visitors to Israel can exchange their foreign currency at authorized exchange offices, banks, or withdraw cash from ATMs. Many businesses in Israel also accept major credit cards, making it convenient for tourists and residents to make purchases.
When visiting Israel, it is essential to have some Israeli Shekels on hand for small transactions, as not all places accept credit cards. Additionally, it is always a good idea to carry some cash for emergencies or situations where card payments are not possible.
In conclusion, the Israeli Shekel is the basic unit of currency for Israel. It is regulated by the Bank of Israel and is widely used for domestic and international trade. Understanding the Shekel's value and exchange rates is crucial for individuals and businesses operating in Israel or engaging in transactions with Israeli counterparts.
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