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What is the Old Israeli Shequel?
The Old Israeli Shekel (Shequel) was the official currency of the state of Israel from 1980 until the end of 1985. The Old Shekel was subdivided into 100 new agorot. It replaced the lira in 1980 at a rate of 1 shekel equalling 10 lira. High inflation drove the old shekel to be replaced by the new shekel at a rate of 1 new shekel equalling 1000 old shekalim. Coin demonimations were 1, 5 and 10 and banknotes of 1, 5, 10, 50 and 100 shekels.
What is the New Israeli Shequel?
The Israeli New Shekel (Shequel) is the currency of the state of Israel. The ISO 4217 delineates the currency code as: NIS. Consisting of 100 agorot. It replaced the Old Israeli Shekel in 1986. Since the economic crisis of the 1980s the Bank of Israel and the government of Israel have maintained much more conservative fiscal and monetary policies.
With free trade agreements signed the Israeli economy has become more competitive, keeping inflation reletively low. Israel has no mint, so the currency is not produced in the country, but rather, in Switzerland.
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