NIS: meaning, definitions and examples
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NIS
[ ɛn aɪ ɛs ]
financial term
NIS stands for New Israeli Shekel, which is the currency of Israel. It is subdivided into 100 agorot and was introduced in 1985 to replace the old Israeli pound. The currency symbol is ₪ and it is often used in economic transactions within Israel.
Synonyms
Israeli Shekel, currency, money.
Examples of usage
- The price of the item is 150 NIS.
- He exchanged his dollars for NIS at the airport.
- The value of NIS fluctuates against the dollar.
Etymology
The New Israeli Shekel (NIS) was introduced in 1985 as part of a broader economic reform in Israel aimed at stabilizing the economy after a period of hyperinflation. The term 'shekel' has ancient roots, originating from the Hebrew word 'sheqel', which was used in biblical times as a unit of weight and currency. The transition from the old Israeli pound to the NIS was executed to improve the monetary system and restore public confidence in the national currency. The NIS has undergone various adjustments and changes in design over the years, reflecting both Israel's economic status and cultural heritage. Today, it is a key component of the Israeli economy and is used in all financial transactions within the country.