KBC 14: What is the official currency of Israel?
Options:
Zloty
Dollar
Leu
Shekel
Answer: Shekel
The New Israeli Shekel (ILS) is the official currency of Israel, issued by the Bank of Israel. The term “Shekel” comes from an ancient weight unit of around 12 grammes.
The currency is completely convertible and is traded in the foreign exchange market on currency futures contracts. In 1986, it replaced the previous Israeli Shekel, which had been replaced by the Israeli Lira in 1980.
The New Shekel in Israel is split into 100 agorot. 10 agorat, 1/2 shekel, 1 shekel, and 2, 5, and 10 shekalim coins are now in circulation.
The Bank of Israel and the Israeli government have maintained prudent fiscal and monetary policies since the establishment of the Israeli New Shekel, resulting in a steady currency.
Since January 1, 2003, the Israeli New Shekel has been freely convertible and is accepted by global customers. CLS Bank International declared on May 26, 2008, that it will settle bill payments in the currency, making it fully convertible.
On May 7, 2006, the Chicago Mercantile Exchange began trading derivatives in the currency. This made the Israeli New Shekel one of just a dozen currencies for which currency futures contracts are extensively accessible in the foreign exchange market.
Israel has no mint, hence its banknotes are printed in Switzerland, and its coins are minted in South Korea.
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