Convert currencies based on the Bank of Israel Representative Rate (Shaar Yatzig).
Foreign Currency to ILS (₪)
ILS (₪) to Foreign Currency
USD – US Dollar ($)
EUR – Euro (€)
GBP – British Pound (£)
CAD – Canadian Dollar ($)
AUD – Australian Dollar ($)
JPY – Japanese Yen (¥)
Enter the exact daily rate from the Bank of Israel website.
Calculated Value
Note: This calculator uses the rate you input. Always verify the latest representative rate at boi.org.il.
// Initial placeholder setup
window.onload = function() {
updateRatePlaceholder();
updateLabels();
};
function updateLabels() {
var direction = document.getElementById('boi_direction').value;
var currency = document.getElementById('boi_currency').value;
var label = document.getElementById('label_amount');
if (direction === 'foreign_to_ils') {
label.innerText = 'Amount (' + currency + ')';
} else {
label.innerText = 'Amount (ILS ₪)';
}
}
function updateRatePlaceholder() {
var currency = document.getElementById('boi_currency').value;
var rateInput = document.getElementById('boi_rate');
// Just providing illustrative defaults to help the user understand the format
var dummyRates = {
'USD': 3.75,
'EUR': 4.05,
'GBP': 4.80,
'CAD': 2.75,
'AUD': 2.45,
'JPY': 0.025
};
if(dummyRates[currency]) {
rateInput.placeholder = "e.g. " + dummyRates[currency];
}
updateLabels();
}
function calculateExchange() {
// Get Input Values
var amount = parseFloat(document.getElementById('boi_amount').value);
var rate = parseFloat(document.getElementById('boi_rate').value);
var direction = document.getElementById('boi_direction').value;
var currency = document.getElementById('boi_currency').value;
var resultDiv = document.getElementById('boi_result');
var finalValDiv = document.getElementById('boi_final_val');
var breakdownDiv = document.getElementById('boi_breakdown');
// Validation
if (isNaN(amount) || amount <= 0) {
alert("Please enter a valid amount.");
return;
}
if (isNaN(rate) || rate <= 0) {
alert("Please enter a valid representative exchange rate.");
return;
}
var result = 0;
var symbolPrefix = "";
var symbolSuffix = "";
// Calculation Logic
if (direction === 'foreign_to_ils') {
// Foreign * Rate = ILS
result = amount * rate;
symbolPrefix = "₪";
symbolSuffix = " ILS";
breakdownDiv.innerHTML = amount.toLocaleString() + " " + currency + " × " + rate + " (Rate) = " + symbolPrefix + result.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
} else {
// ILS / Rate = Foreign
result = amount / rate;
symbolPrefix = "";
symbolSuffix = " " + currency;
breakdownDiv.innerHTML = "₪" + amount.toLocaleString() + " ÷ " + rate + " (Rate) = " + result.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}) + " " + currency;
}
// Formatting currency display based on selection
var displayResult = result.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
if (direction === 'foreign_to_ils') {
finalValDiv.innerHTML = "₪" + displayResult;
} else {
// Add generic symbols for common currencies
var currencySymbol = "";
if(currency === "USD") currencySymbol = "$";
if(currency === "EUR") currencySymbol = "€";
if(currency === "GBP") currencySymbol = "£";
if(currency === "JPY") currencySymbol = "¥";
finalValDiv.innerHTML = currencySymbol + displayResult + " " + currency;
}
// Show result
resultDiv.style.display = "block";
}
Understanding the Bank of Israel (BOI) Representative Rate
The Bank of Israel Representative Rate, known locally as "Shaar Yatzig," is a crucial financial metric in the Israeli economy. Unlike real-time trading rates which fluctuate every second, the Representative Rate is a fixed daily benchmark published by the Bank of Israel. It serves as the official exchange rate for legal, tax, and accounting purposes throughout the country.
How the BOI Exchange Rate Calculator Works
This calculator is designed to help you determine the value of foreign currency in New Israeli Shekels (NIS) or vice versa, based on the specific representative rate you input. Since the rate changes daily (Monday through Friday), it is essential to input the correct rate for the date of your transaction.
Step 1: Select your conversion direction (Foreign Currency to Shekels, or Shekels to Foreign Currency).
Step 2: Choose the currency you are dealing with (e.g., USD, EUR, GBP).
Step 3: Enter the specific Representative Rate. You can find today's rate on the Bank of Israel's official website.
Step 4: Click calculate to see the precise conversion value.
When is the Representative Rate Published?
The Bank of Israel determines the representative rate based on average sampling of commercial bank rates during a specific time window. The rates are generally published on business days (Sunday through Friday) around 15:30 Israel time (12:30 on Fridays). No rates are published on Saturdays or Jewish holidays.
Why is the "Shaar Yatzig" Important?
The representative rate affects various sectors of the economy:
Real Estate: Many rental contracts and property purchases in Israel were historically linked to the US Dollar. While residential rent is now typically in Shekels, commercial real estate often still relies on indexation to the dollar rate.
Business Contracts: International trade agreements and invoices are often settled based on the representative rate on the day of payment or the day of the invoice.
VAT and Tax: When reporting expenses or income in foreign currency to the Israeli Tax Authority, the conversion to Shekels must usually be done according to the published representative rate.
Impact on Index-Linked Mortgages
While this calculator focuses on currency exchange, it is worth noting that the Consumer Price Index (Madad), which influences many Israeli mortgages, is indirectly affected by exchange rates. A rising dollar or euro can increase the cost of imports, leading to inflation, which in turn raises the CPI and increases monthly mortgage payments linked to the index.