The Palestinian pound was the currency used in Palestine before the Israeli occupation in 1948, as the Palestinians knew in the years that lasted between 1917 and 1927 during the British Mandate, the Egyptian pound.

 Therefore, since then, they have called money (Masary) as it’s part of (Masr) which means egypt in arabic and they have been calling money (Masary) in their colloquial accent, but after 1948, the Israeli lira became used within the green line areas. The Jordanian dinar was the main currency in the Palestinian areas in the West Bank, while the Egyptian pound was the main currency circulating in the Gaza Strip. In 1980, the government of Mehine Begin issued its instructions to cancel the use of the Israeli pound and approve the shekel as the official currency.

The matter continued until 1967, when Israel continued its occupation of the rest of the Palestinian territories in the West Bank and the Gaza Strip, where the circulation of the Israeli lira was imposed on the Palestinians in the West Bank, along with the Jordanian dinar, while the Palestinians of the Strip traded alongside the Egyptian pound.

In 1969, the Israeli Knesset legally approved the difference in the use of the shekel currency unit indicative of the lira. The use of the lira remained approved in the financial and banking circles until February 24, 1980, when the Minister of Finance Simha Ehrlig in the government of Menachem Begin issued his instructions to cancel the use of the Israeli lira and approve the shekel as the official currency. The reason for abandonment of the lira was strange because they discovered that the currency does not bear a Hebrew name and thus it turned into the shekel currency.

The shekel currency unit remained in use in Israel between 1980 and 1985 when it was replaced by a new monetary unit under the new shekel name. Since May 1998, the shekel has become an internationally tradeable currency and its annual inflation arerator revolves around 2-3%.

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