Do you want to obtain forex exchange rates from the Bank Negara? If so, you’ll need this API.
The Bank Negara Malaysia, or BNM, is the central bank of Malaysia. It was established on September 17, 1967, after the dissolution of the Federation of Malaya; it is located in Kuala Lumpur, the country’s capital city.
This bank’s main task is to ensure financial stability by promoting a safe and sound banking system; and regulating the country’s financial system. BNM also contributes to the development of the national economy through its activities as a regulator; supervisor; and manager of public debt instruments.
However, obtaining forex rates from a reliable source such as BNM is not that easy. There are not a lot of providers nor programs that offer this kind of data; and if there are, they aren’t quite trustworthy. This makes it tough for traders and investors to obtain the necessary currency data for their businesses. Fortunately, there is a way to obtain foreign exchange rates from the Bank Negara: by using an API.
What Is An API For Foreign Exchange Rates?
The term “API” refers to the application programming interface. It’s essentially a method for software programs to communicate and share data with one another. When it comes to a forex rates API, this program collects foreign exchange data from several sources and delivers to you within seconds.
With it, you may receive all the information you need about foreign exchange rates. The information this API provides allows you to keep track of all world currencies; and you can integrate the data into your own website and utilize it as you wish!
Get Forex Rates From BNM Using This API
To get foreign exchange rates from a trusted source like the Bank Negara Malasya, we recommend you use Exchangr API. This one is a JSON-based REST API that makes it simple to convert currencies and acquire foreign exchange rates. You’ll get access to real-time and historical data for up to 172 international currencies; including Malaysian ringgit (RM). This totals 30,000 currency pairs, all of which are gathered from extremely reputable foreign exchange sites!
By using only one API, you can receive sophisticated features like the most up-to-date exchange rates; historical data; currency conversion; and easy integration into your website. There is no need to search many websites for information about current or past exchange rates for RM. Exchangr can help you with obtaining them from BNM in no time!
How To Obtain RM Rates
As you can see, using Exchangr API is very easy. Once you have read the documentation provided by Exchangr API, you will be all set to follow these steps:
- First you have to register here. Following registration, you will receive an API key. This is very important because Exchangr’s endpoints will be accessed using this one-of-a-kind number and letter combination.
- Select the currencies you wish to convert or obtain rates for. In this case, you’ll have to select the Malaysian ringgit.
- Make the API request to obtain the rates.
It’s as simple as that! You will receive the information after a few seconds of waiting for Exchangr API! You can visit this API website for additional information by clicking here.
Related post: Who Can Benefit From Currency Exchange?
Also published on Medium.