Israel Shequel

The Israeli shekel (NIS) is the official currency of Israel, but is also used as tender in Palestine. The shekel breaks down into 100 agora. The current version of the shekel is also referred to as the ‘new shekel’, since the currency was replaced in 1986, when hyperinflation had brought the old shekel to its knees after a series of wars left Israel in economic disaster. Since then, the Bank of Israel has been very conservative, and has only introduced reforms to the market very gradually.