Converting from Papua New Guinea Kina (PGK) to Israeli Shekel (ILS)

What is Papua New Guinea Kina (PGK)

The Papua New Guinea Kina (PGK) is the official currency of Papua New Guinea, an island nation in the southwestern Pacific Ocean. The Kina was introduced in 1975, replacing the Australian Dollar at par. Its name comes from the Kinas, a type of shell used as traditional currency by some indigenous communities in the region.

The PGK is subdivided into 100 toea, which are smaller units of currency. The coins available include 1, 2, 5, 10, 20, and 50 toea, along with 1 and 2 Kina coins. The banknotes come in denominations of 2, 5, 10, 20, 50, and 100 Kina. The Papua New Guinea Kina is managed by the Bank of Papua New Guinea, which regulates its supply and ensures the stability of the currency.

The PGK is directly influenced by the country’s economy, which is heavily reliant on agriculture, forestry, and mining. Fluctuations in commodity prices can therefore affect the value of the Kina. Due to its relatively small market, PGK can experience high volatility, making it essential for anyone dealing in this currency to stay informed about economic developments within Papua New Guinea.

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel, with the symbol ₪ and ISO code ILS. The current version of the Shekel, known as the New Shekel, was introduced in 1985, replacing the old Shekel at a conversion rate of 1,000 to 1. The name "Shekel" originates from an ancient Hebrew term for a unit of weight or coin.

The New Shekel is subdivided into 100 agorot. Banknotes are issued in denominations of 20, 50, 100, and 200 Shekels, while coins come in 10 agorot, 1, 2, 5, and 10 Shekels. The Bank of Israel is responsible for maintaining the value and stability of the currency, which is influenced by various factors, including inflation, political stability, and economic performance.

The Israeli economy is diversified and technologically advanced, with major sectors including technology, manufacturing, and agriculture. Due to this strong economic foundation, the Israeli Shekel tends to be more stable compared to many other currencies in the region.

Converting PGK to ILS

When converting Papua New Guinea Kina (PGK) to Israeli Shekel (ILS), the exchange rate is essential. Exchange rates fluctuate based on market conditions, and the conversion can be calculated using the formula:

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

For example, if the exchange rate is 1 PGK = 0.63 ILS, then converting 100 PGK would yield:

100 × 0.63 = 63 ILS

Be sure to check current exchange rates on reliable financial news sites or currency converters for the most accurate and up-to-date information.