The currency of Israel is the New Israeli Shekel (NIS). The Israeli Shekel has been the official currency since 1985, when it replaced the old Shekel due to hyperinflation. The currency is issued by the Bank of Israel and comes in various denominations of coins and banknotes. The Shekel has gained stability and is widely used in the Middle Eastern region, often exchanged for other currencies such as the U.S. dollar or the euro. The name "Shekel" has historical roots going back to ancient times when it was a unit of weight and currency.