"Israeli Monetary Unit" refers to the official currency used in Israel, primarily known as the Israeli new shekel (ILS). It serves as a legal tender within the State of Israel, and its primary purpose is to facilitate economic transactions, including buying goods, paying for services, and settling debts.
The Israeli new shekel was introduced in 1985 as a replacement for the hyperinflated old shekel. The Israeli Central Bank, known as the Bank of Israel, has the authority to issue and regulate the currency. It is divided into 100 agorot, similar to cents in other currencies.
The Israeli new shekel is denoted by the symbol ₪, which resembles an 'S' with two horizontal lines. It is available in banknotes and coins of various denominations. The banknotes come in denominations of 20, 50, 100, and 200 new shekels, while coins are issued in values of 10 agorot and 1, 2, 5, and 10 new shekels.
The exchange rate of the Israeli new shekel fluctuates against other major currencies, such as the US dollar and the euro, and its value is determined by various economic factors, including interest rates, inflation, and overall market conditions.
In summary, the Israeli monetary unit is the Israeli new shekel, the official currency of Israel, which plays a crucial role in the country's economy and is used for everyday financial transactions.
