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Israeli shekel
Israel officially uses the Israeli shekel as the local currency. The shekel is divided into100 agorot.
Currency regime
The Israeli currency is managed on a trade-weighted basket against the major currencies with the dollar having most importance in the weightings. The Bank of Israel targets the inflation rate, but also takes into account the exchange rate. During 2005, the authorities free control of the shekel
Commercial rates
On January 31st 2006, the Israeli shekel was trading at around 4.67 against the US dollar, 5.65 against the Euro and 8.26 against Sterling
Tourist rates
On January 31st 2006 the Israeli shekel was valued at around 7.79 against Sterling. For 1 UK pound you will, therefore, receive around 7.79 Israeli shekels.
Travellers cheques are preferred in US dollars.
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