Converting from Israeli Shekel (ILS) to Cayman Islands Dollar (KYD)

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel. The Shekel has a long history, with roots dating back to ancient times. The modern Shekel was introduced in 1985, replacing the old Shekel which suffered from hyperinflation. The currency symbol for the Shekel is ₪, and it is subdivided into 100 agorot.

The Shekel is used in various forms, including coins and banknotes. The coins come in denominations of 10 agorot, 50 agorot, 1 Shekel, 2 Shekels, 5 Shekels, and 10 Shekels. The banknotes are issued in denominations of 20, 50, 100, and 200 Shekels.

One of the key features of the Shekel is its floating exchange rate, which can vary based on economic conditions, market demand, and other factors. The Bank of Israel is responsible for managing the currency's stability and monetary policy. As of now, the Shekel is considered a relatively stable currency, often seen as a safe haven during global economic uncertainty.

What is Cayman Islands Dollar (KYD)

The Cayman Islands Dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory located in the Caribbean. The KYD was introduced in 1972, replacing the Jamaican Dollar at par. Its symbol is ＄ and it is often abbreviated as KYD to distinguish it from other currencies that also use the dollar symbol.

The Cayman Islands Dollar is divided into 100 cents. It is available in both coins and banknotes. The coins come in denominations of 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and 1 dollar. The banknotes are issued in denominations of 1, 5, 10, 25, and 100 dollars.

One of the distinctive features of the KYD is its strong performance, largely due to the Caymans' robust financial services sector and tourism industry. The currency is pegged to the US Dollar (USD) at a rate of 1 KYD = 1.20 USD, providing stability and making it easy for visitors from the United States to understand the value of their money.

Converting ILS to KYD

When converting Israeli Shekels to Cayman Islands Dollars, it is important to check the current exchange rates. Conversion rates can fluctuate due to various economic factors. To get an accurate conversion, you can use the formula:

Amount in KYD = Amount in ILS × Exchange Rate (ILS to KYD)

For instance, if the exchange rate is 0.22, converting 100 ILS would result in:

Amount in KYD = 100 × 0.22 = 22 KYD

In summary, understanding the basics of both the Israeli Shekel and Cayman Islands Dollar will help you navigate currency conversions and make informed financial decisions when traveling or conducting transactions between the two regions.