The official currency of the Israeli economy is the Shekel (ILS). Abbreviated as “₪” it’s divided into 100 agorot like the USD is divided into cents. Managed by the Bank of Israel, the ILS has been used since 1980 and was redesigned several times. The current design features images of historical figures, landmarks, plants, and animals.
The Israeli shekel has been relatively stable in recent years, but it’s affected by Israel’s economic growth, interest rates, inflation, and political events. The strength of the USD impact on the ILS is another important aspect, as the Israeli economy is closely tied to the American economy.
Variations between the ILS and the USD from January 2018 to January 2023
Over the last five years, the Israeli currency has been relatively stable. Still, unpredictable political events or natural disasters can influence the value of the ILS. Although prices in Israel are relatively stable, in 2022, the Israeli government registered an inflation rate of 5.3%, the highest since 2008.
Living in large Israeli cities can be very expensive. Tel Aviv, for example, was recently listed as the third most expensive city in the world, losing only to New York and Singapore. Still, this doesn’t mean the economy of Israel is in crisis. The country ranked as the 4th best-performing economy in 2022, and it’s one of the most innovative nations in the world.
A Favorite for Asians
Approximately 24,600 foreign workers in Israel work in the agricultural sector. Although most workers arrive from Thailand, a small number come from Sri Lanka and Nepal. Chinese construction workers have become a common sight in Israel over the last years as they’ve been essential to major infrastructure projects in the country. Also, many Israeli families like to hire caretakers from the Philippines, India, Nepal, and other countries to assist their elders because of how patient, loving, and family-oriented they are known to be. Because of the amazing work these people perform, there is also a sense of gratitude toward these immigrants.
There are always exceptions, but generally, Israelis welcome immigrants and their cultures. For example, Israelis love foreign cuisines and the variety of dishes from these countries, often because they traveled to Asian countries after their army service and hold many dear memories from these places. This mainly means that you can find various food items from Asian nations in regular markets.
Considering the relative stability of the ILS and its valued position, working in Israel is also a good deal for foreigners. Many immigrants make use of this situation to send money to their families back home and make savings for their future plans.
If you’re interested in sending money from Israel to your family back home, new technology makes it easier than ever before. If you plan to work in Israel and use an international money transfer service, know that there are several options, such as Rewire by Remitly, which allows you to safely and quickly send funds online to your family back home.
