SPAIN RAISES CALL MONEY RATES ON HIGHER DEMAND The Bank of Spain raised overnight call money rates by 1/4 to 14 pct on demand for 746 billion pesetas in today's auction, which a bank spokesman termed "heavy." Rates stood at 12.1 pct at the start of the year and have been increased to drain liquidity on rising demands for funds, the spokesman said. He said in reply to Reuters inquiries that rates could rise further if money supply growth rose above this year's eight pct target for M-4, defined as liquid assets in public hands. Money supply rose at an annualised rate of 16.7 pct last month against 8.1 pct in January. Growth was 11.4 pct in 1986. A leading Spanish broker said the central bank was applying a more restrictive policy to keep the lid on inflation. The consumer price index rose 8.3 pct last year. "Money supply control is the government's chief weapon against inflation," he said. "The problem is higher rates are attracting liquidity from abroad." He said this was why the central bank enacted specific measures to control the inflow of foreign capital. The Bank of Spain earlier this month imposed a 19 pct reserve requirement on new convertible peseta funds held by banks to curb short-term speculative capital from abroad.