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The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1. The currency sign for the new shekel ₪ is a combination of the first Hebrew letters of the words shekel (ש ) and ẖadash (ח ) (new). When the shekel sign is unavailable the abbreviation NIS (ש״ח and ش.ج) is used.
It is pegged to the US dollar. The Central Bank of Jordan commenced operations in 1964 and became the sole issuer of Jordanian currency, in place of the Jordan Currency Board. The Jordanian dinar is also widely used in the West Bank alongside the Israeli shekel. [2] [3]
Unlike the dollar sign, the new shekel sign is not used that often when handwriting monetary amounts. The road sign announcing the entrance to an Israeli toll road, such as Highway 6 or the Carmel Tunnels, is a shekel symbol with a road in the background.
The word shekel is based on the triliteral Proto-Semitic root ṯql, cognate to the Akkadian šiqlu or siqlu, a unit of weight equivalent to the Sumerian gin2. [1] Use of the word was first attested in c. 2150 BC under the reign of Naram-Sin of Akkad, and later in c. 1700 BC in the Code of Hammurabi.
Among the top performers South Africa's rand and the Hong Kong dollar rose 2% and 0.5%, respectively, while Israel's shekel was set for a 1.5% decline for the year.
The law allowed the minister to decide on the date for the change. The law came into effect in February 1980, when the Israeli government introduced the 'Israeli shekel' (now called old Israeli shekel), at a rate of IL 10 = IS 1. On 1 January 1986, the old shekel was replaced by the Israeli new shekel at a ratio of IS 1,000 : ₪1.
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