Converting from Israeli Shekel (ILS) to Singapore Dollar (SGD)

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel, as well as the Palestinian Authority in the West Bank. It is abbreviated as ILS and often represented with the symbol ₪. The Shekel has undergone various changes throughout its history. The current version, known as the New Israeli Shekel (NIS), was introduced in 1985 to replace the old Shekel due to severe inflation.

The Central Bank of Israel, or Bank of Israel, is responsible for issuing and regulating the currency. The New Israeli Shekel is subdivided into 100 agorot. In everyday transactions, you will find both coins and banknotes in circulation: coins come in denominations of 10 agorot, ½ shekel, 1 shekel, 2 shekels, 5 shekels, and 10 shekels, while banknotes are available in denominations of 20, 50, 100, and 200 shekels.

Israel's economy is known for its innovation, particularly in technology and research. This has positively impacted the value of the Shekel on the international stage, making it a strong currency in the Middle Eastern region.

What is Singapore Dollar (SGD)

The Singapore Dollar (SGD) is the official currency of Singapore, a vibrant city-state located in Southeast Asia. It is denoted by the abbreviation SGD and the symbol S＄. The Singapore Dollar was introduced in 1967 to replace the Malaya and British Borneo dollar, which had been used prior to Singapore's independence.

The Monetary Authority of Singapore (MAS) is the main regulatory body for the currency, overseeing its issuance and the stability of the financial system. The Singapore Dollar is subdivided into 100 cents. Similar to the Shekel, both coins and banknotes are used for everyday transactions. Coins are available in 5, 10, 20, 50 cents, and 1 dollar, while banknotes come in denominations of 2, 5, 10, 20, 50, and 1000 dollars.

The Singapore economy is one of the most competitive and efficient in the world. This economic success contributes to the stability and strength of the Singapore Dollar, making it a popular choice for investors and currency traders.

Converting ILS to SGD

To convert Israeli Shekels to Singapore Dollars, you need to know the current exchange rate, which fluctuates based on various market factors. You can check updated rates through financial news outlets, banks, or currency converters. The formula for conversion can be expressed as:

SGD = ILS × Exchange Rate

If the exchange rate is, for instance, 0.30 SGD for every 1 ILS, then converting 100 ILS would yield:

SGD = 100 ILS × 0.30 = 30 SGD

Understanding how to convert between the Israeli Shekel and Singapore Dollar can help you make informed financial decisions, whether you are traveling or conducting international business.