From the establishment of the State of Israel in 1948 until 1952, banknotes were issued by the Anglo-Palestine Bank and denominated in the Palestine pound. In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi Le-Yisrael and adopted Israeli pound (also called the lira) as the official currency. The Bank of Israel was established in 1954 and assumed responsibility for the production of paper money. In 1980 Israel converted to the shekel (now called the old shekel). Following a period of hyperinflation, the new shekel was introduced in 1986 replacing the old shekel at a rate of 1,000 to 1.