In 1985, new shekels of denominations ₪5 ,₪50, and ₪10 were issued. The Bank of Israel is the central bank of the State of Israel. Since the economic crisis of the 1980s and the subsequent introduction of the new shekel in 1985, the Bank of Israel and the government of Israel have maintained much more careful and conservative fiscal and monetary policies, and have gradually introduced various market-based economic reforms. [24], The committee proposed that the new series would bear the portraits of prominent Hebrew poets, among them Rachel Bluwstein, Shaul Tchernichovsky, Leah Goldberg and Nathan Alterman. Israeli new shekel banknotes have been issued in three stages since 1986. 2015-2020 Currency .ME.UK. [15] In 1990, ₪5 coins were introduced,[16] followed by ₪10 coins in 1995. The World’s Largest Oil Reserves By Country, Top Cotton Producing Countries In The World. From 1955, after the Bank of Israel was established and took over the duty of issuing banknotes, only the Hebrew name was used, along with the symbol "I£". The Israeli government stopped fixing the value of the Israeli pound to the British pound in January 1954. [17] Production of 1 agora pieces ceased in 1990, and they were removed from circulation on 1 April 1991. [23] The ₪1, ₪5 and ₪10 notes used the same basic designs as the earlier IS 1000, 5000, and 10 000 notes but with the denominations altered. From the formation of the modern State of Israel on 14 May 1948 through 1952 banknotes continued to be issued by the Anglo-Palestine Bank as the Palestine pound which was pegged to the British Pound. The shekel experienced hyperinflation during the 1980s, and as a result, was replaced by the new shekel on January 1, 1986, following various monetary policy adjustments. [27], On 14 November 2012, the Bank of Israel announced that the new series of banknotes is in the final stages of design. [21] The coins are minted by the Korea Minting and Security Printing Corporation (KOMSCO).[3]. Website: http://www.bankisrael.gov.il/firsteng.htm. In December 2010, it was announced that the series would feature portraits of Menachem Begin, Yitzhak Rabin, and Rachel and Shmuel Yosef Agnon. By Sharon Omondi on August 1 2017 in Economics. The body responsible for the issuance of the new shekels is the Bank of Israel. The Israeli pound (לירה ישראלית‎, "lira yisraelit") was the currency of the State of Israel from June 1952 until 23 February 1980, when it was replaced with the shekel on 24 February 1980. Below, you'll find Israeli Shekel rates and a currency converter. 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