An indication of the current value of a foreign currency (such as US Dollar or Euro) in terms of the local currency (for Israel - this is the NIS). Therefore, the official exchange rate in Israel specifies how many NIS are in one Dollar or in one Euro, or in any other foreign currency. The official exchange rate is calculated by the Bank of Israel on any day on which foreign currency is traded. The Bank of Israel publishes the list of official exchange rates every weekday at 3:30 pm, and every Friday or holiday eve at 12:30 pm. Important to know: The official exchange rate for a currency is not binding, and is offered as a public service. This means that if you are about to enter into any transaction in foreign currency, e.g. rent an apartment for $1,000 monthly rent, you and the landlord may agree to use an exchange rate other than the official exchange rate. For example: Even if the official exchange rate upon signing the lease is NIS 3.50 per $1, you may agree that the transaction would be conducted at a higher or lower exchange rate.