Israeli New Shekel
The Israeli New Shekel, often simply referred to as the Shekel, is the official currency of the State of Israel. Its currency code is ILS, and its symbol is ₪. The Bank of Israel, the country's central bank, is responsible for issuing and regulating the Israeli New Shekel.
Convertible:Yes
Transferable:Yes
Exchange rate regime:Floating
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
The main objective of Israel's monetary policy, as determined by the Bank of Israel, is to maintain price stability. This is aimed at supporting economic growth, employment, and reducing social gaps, while also upholding the stability of the financial system.
The Bank of Israel targets an annual inflation rate of between 1% and 3%. To manage inflation, the central bank primarily adjusts the interest rate and also uses other tools such as open market operations, foreign exchange interventions, and regulatory requirements for commercial banks.
Key Features of ILS
The Israeli New Shekel is divided into 100 agorot. Coins come in denominations of 10 agorot, ½ Shekel, 1 Shekel, 2 Shekels, 5 Shekels, and 10 Shekels. Banknotes are issued in denominations of 20, 50, 100, and 200 Shekels.
Israeli New Shekel banknotes and coins feature notable figures from Israeli culture and history, and each denomination has a unique design. For example, the 200 Shekel note carries a portrait of poet Nathan Alterman, while the 20 Shekel note features poet Rachel Bluwstein.
Expert Opinion
Financial experts regard the Israeli New Shekel as a stable currency, supported by a robust economy and prudent fiscal and monetary policies. The Bank of Israel's proficiency in handling inflation and preserving economic equilibrium is highly regarded.
However, like all currencies, the Shekel can be influenced by geopolitical events, given the region's complex dynamics. Economic and geopolitical events in the Middle East can cause the value of the Shekel to be volatile at times.
ILS Regulations
The Bank of Israel is responsible for the regulation of the Israeli New Shekel. It controls the issuance of new notes and coins, sets monetary policy, and oversees the country's financial system to ensure its stability.
The Israel Securities Authority (ISA) oversees Israel's financial regulation to ensure fairness, transparency, and efficiency in its capital markets and financial services industry.
Important information
Payments in ILS to Israel
Key considerations to bear in mind
Payment instructions should contain the beneficiary's IBAN, name, and address.
Payment Processing Time
The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Israel are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.
Fees and Charges
Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.
Keep in mind
Bank holidays
When a holiday falls on a weekend, the next business day becomes a holiday
Passover (Pesach)
Late March or April (varies based on the Hebrew calendar)
Memorial Day (Yom Hazikaron)
Late April or early May
Independence Day (Yom Ha'atzmaut)
Late April or early May
Pentecost (Shavuot)
Late May or early June
Jewish New Year (Rosh Hashanah)
September or October
Day of Atonement (Yom Kippur)
September or October
Feast of Tabernacles (Sukkot)
Late September or October
Rejoicing of the Law (Simchat Torah)
Late September or October
Hanukkah
Late November or December
Purim
February or March
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