The Bank of Spain announced a one-point rise in overnight call money rates to 16-5/8 pct which a central bank spokesman said was part of government efforts to control money supply growth. The increase came after yesterdays one-point rise and pushed interbank rates to 19 19-1/2 pct from 18-1/8 19 pct. The M-4 money supply liquid assets in public hands the broadest measure of money supply rose 14.1 pct in the first three months compared with this years eight pct target. Money supply growth was 11.4 pct last year.
BANK OF SPAIN RAISES INTEREST RATES