The name "shekel" was derived from an ancient unit of weight that amounts to approximately one ounce or 12 grams. The New Israel shekel , issued by the Bank of Israel, was introduced on September 4, 1985. It replaced the "old" shekel, at a rate of one new shekel per 1000 "old" shekel. The "old" shekel replaced the Israeli pound on February 24, 1980, at a rate of one shekel per 10 pounds. Since January 1, 2003, the New Israel shekel has been a freely convertible currency as all capital controls have been removed. A floating exchange rate regime with inflation had been implemented in 1992. Since then, all capital controls have been moved making a free convertible currency.