This article will teach you how to import central banks’ interest rate data to Google Sheets, and also some popular interbank rates.
The COVID-19 pandemic forced the central banks of all countries to adopt an accommodative stance to make borrowing cheaper in the economy. However, now that the pandemic has subsided, the central banks have constantly been revising the rate at which it lends/borrows from commercial banks to curb the rising inflation. Investors monitor this rate very keenly because an increase in the rate implies higher financing costs and lower profitability.
To import central banks’ interest rate data to Google Sheets, follow the below steps.
How to import Interest Rate data to Google Sheets
Follow the steps given below to learn how to import Interest Rate data to Google Sheets.
Step 1: Get the API key
We’ll be using an API on RapidAPI to import interest rate data to Google Sheets.
Login to RapidAPI here. If you don’t have an account created, you will need to click the Sign-up option and create one.
Once logged in, click here to be directed to the Interest Rate API which will be used to import interest rate Data to Google Sheets.
Since the API is free to use, there’s no need to subscribe to use the API. Your API key will be automatically generated on signing up and inputted in the list of parameters as shown below.
Step 2: Get the API endpoint
The API endpoint URL along with the API headers can be found under Code Snippets.
In the rightmost section of the API documentation, click on Code snippets and change the programming language from (Node.js) Axios→ Shell→cURL.
Copy the API endpoint URL and take note of the headers and their values. These will be used to retrieve interest rates of prominent central banks and import the interest rate data to Google Sheets.
Step 3: Get Amigo Google Sheets extension
The Amigo Add-on is an extension in Google Sheets that allows you to import data from various sources without coding and automate data imports.
You can either install the extension from the Google Workspace Marketplace from the link given below.
You can also get Amigo Data by following the steps below:
- Open Google Sheet
- Click on Extension→ Add-ons→ Get Add-on
- Search for “Amigo Data” and install it.
Once the installation is complete, you can begin to import the interest rate data to Google Sheets using Amigo Data.
Step 4: Import the data to Google Sheets
Go to the Google Sheet in which you want the data to be pasted. Click on Extensions→Amigo→Connect
Select Custom API from the list of sources.
Paste the API endpoint URL copied earlier under the API URL section.
Click the Details tab and add the following headers along with their values noted earlier. Then click the Preview button.
Key: X-RapidAPI-Host
Value: interest-rate-by-api-ninjas.p.rapidapi.com
Key: X-RapidAPI-Key
Value: Your_Key_Value
Click on Flatten to present the data in separate columns. The data include some popular interbank rates. Flatten these datasets as well; or if you don’t want to import them, you can delete them by clicking the delete icon. Once the data are separated into columns, click IMPORT.
In a short while, you will find the prevailing interest rates for different periods of time at which borrowing and lending occur in different countries imported to Google Sheets.
Amigo allows you to set a refresh schedule so that the data get automatically updated without any manual input. To learn how to automatically update your data at regular intervals and receive alerts for the same on your email or Slack channel, click here.
In this article, we learned to import interest rate Data to Google Sheets. To learn how to import data from other sources, check out our blog.
Some related questions
How do I get the Fed’s interest rate in Google Sheets?
To get the US Federal Reserve Bank’s interest rate in Google Sheets, import the interest rate data using the Interest Rate API. The Fed’s interest rate will be imported into Google Sheets along with the interest rate of most major central banks.
How do I get the latest interbank rates in Google Sheets?
We can get the latest interbank rates in Google Sheets and get the rates updated periodically using Amigo. Import the data using the Interest Rate API and set a refresh schedule to update the data automatically.
How to get live bank rates in Google Sheets?
To get live bank rates in Google Sheets, set an automatic refresh schedule after importing the data. Amigo will fetch the live bank rates and pull them into Google Sheets as often as the rates get revised.
See Also
Here are a few other articles that you might find useful.
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