Israeli shekel exchange rate – ILS/PLN

The shekel is a unit known from the Bible. It is mentioned there in the context of Abraham's transaction with the Hittites concerning the purchase of a cave and a field in Hebron. In ancient times, the shekel was a unit of weight, equivalent to about 11 grams of silver. In the 6th century BC, the silver Israeli shekel, weighing 5,6 grams, came into circulation. The modern history of Israel's currency begins in 1948, when the Israeli lira, also known as the Israeli pound, became the official currency after independence. In the 1970s, the Israeli economy was facing high inflation, which weakened the value of Israel's currency at the time. Consequently, the shekel was introduced at a ratio of 1:10. Just 5 years later, the new Israeli shekel was in circulation, replacing the old shekel at a ratio of 1:1000. As part of the reforms, the Bank of Israel tightened monetary policy, limiting the growth of the money supply, which helped stabilise the value of the new shekel. From 2003, the Israeli shekel became a fully convertible currency, which stabilised its position on international markets.That same year, the Bank of Israel also introduced changes to monetary policy, leading to the floating of the ILS exchange rate on the foreign exchange market. In 2006, the Israeli shekel was admitted to trading on the Chicago Mercantile Exchange (CME), further improving its position internationally.

One Israeli shekel is divided into 100 agoras. Coins of 1, 5 and 10 agoras and ½, 1, 2, 5 and 10 new shekels are in circulation. The obverses of the coins feature symbols associated with Jewish culture. The 10 agor coin shows the hanukkah, the 1 shekel features a lily flower and the 5 shekel depicts the head of a column with the coat of arms of Israel above it. The reverses show the denomination, as well as the name of the state written in Arabic, English and Hebrew. Israeli shekel banknotes come in denominations of 20, 50, 100 and 200 shekels. Prominent Jewish poets – Rachel Bluwstein (20 ILS), Shaul Chernichovsky (50 ILS), Lea Goldberg (100 ILS) and Natan Alterman (200 ILS) – appear on their front. On the backs of the banknotes we can see places and themes related to the figures presented on the front - on the 20 ILS it is Lake Kirmet and quotes from the poet's poems, the 50 ILS banknote is decorated with a Corinthian column, on the 100 ILS we are confronted with the herd of deer that inspired Lea Goldberg's poem, and the 200 ILS banknote depicts vegetation illuminated by light reflected from the moon. A 500 ILS banknote was due to enter circulation in 2002, but it was ultimately decided in Israel that there was no need for it.