The new Israeli shekel (Hebrew: שֶׁקֶל חָדָשׁ ; Arabic: شيكل جديد šēkal jadīd; sign: ₪; ISO code: ILS; abbreviation: NIS), also known as simply the Israeli shekel (Hebrew: שקל ישראלי, Arabic: شيكل إسرائيلي), is the currency of Israel and is also used as a legal tender in the Palestinian territories of the West Bank and the Gaza Strip. The new shekel is divided into 100 agorot. The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1.