Shekel definitions
| Word backwards | lekehs |
|---|---|
| Part of speech | The word "shekel" is a noun. |
| Syllabic division | She-kel |
| Plural | The plural of the word shekel is shekels. |
| Total letters | 6 |
| Vogais (1) | e |
| Consonants (4) | s,h,k,l |
Overview of Shekel
Shekel (ILS) is the official currency of Israel. It is abbreviated as ₪ and is further subdivided into 100 agorot. The shekel has been the currency of Israel since its founding in 1948, replacing the Palestinian pound. It is managed and issued by the Bank of Israel, the country's central bank.
History of the Shekel
The modern Israeli shekel was introduced in 1986 when it replaced the old Israeli shekel at a ratio of 1000:1. The old Israeli shekel had been in circulation since 1980 and replaced the Israeli pound, which was used from the establishment of the State of Israel in 1948 until the early 1980s. The shekel has undergone various reforms and changes over the years in response to economic shifts and inflation rates.
Features of the Shekel
The shekel is denoted by the symbol ₪ and is available in both coin and banknote form. The coins are issued in denominations of 10 and 50 agorot, as well as 1, 2, 5, and 10 shekels. Banknotes come in denominations of 20, 50, 100, and 200 shekels. The Israeli shekel is considered a stable currency, backed by a strong economy and prudent monetary policies.
Usage and Exchange Rate
The Israeli shekel is used for all transactions within Israel and is widely accepted throughout the country. It is also used in the Palestinian territories of the West Bank and the Gaza Strip, alongside the Jordanian dinar and US dollar. The exchange rate of the shekel fluctuates daily in response to various economic factors, including inflation rates, interest rates, and political stability.
Conclusion
The Israeli shekel is an essential component of Israel's economy and plays a crucial role in facilitating trade and commerce within the country. With its stable value and widespread acceptance, the shekel remains a reliable form of currency for residents and visitors alike.
Shekel Examples
- The souvenir shop accepted payment in shekels.
- Sarah exchanged her US dollars for Israeli shekels at the bank.
- The price of the tour was 200 shekels per person.
- He needed to withdraw shekels from the ATM before leaving for Israel.
- The menu listed the prices in both shekels and euros.
- The vendor quoted the price as 50 shekels for a bag of fresh oranges.
- The taxi driver requested payment in shekels for the ride to the airport.
- The hotel bill was settled in shekels upon checkout.
- During her trip to Jerusalem, she bought souvenirs using shekels.
- The street market was bustling with vendors selling goods for shekels.