SPAIN RAISES BANKS' RESERVE REQUIREMENT The Bank of Spain said it raised the reserve requirement for banks and savings banks to 19 pct of deposits from 18 pct to drain excess liquidity which threatened money supply and inflation targets. In a statement issued late last night, the central bank said the measure would take effect from March 13. "In recent weeks, there has been excess liquidity in the Spanish economy which, if not controlled, would threaten the monetary and inflation targets set by the government," the statement said. Banking sources said the measure would drain about 200 billion pesetas from the system. The maximum reserve requirement allowed by law is 20 pct. The move follows a half-point increase yesterday in the Bank of Spain's key overnight call money rate, which now stands at 13.5 pct. At today's auction, however, the bank left the rate unchanged. Spain's principal measure of money supply, the broad-based liquid assets in public hands (ALP), grew at annualised rate of 8.3 pct in January compared with 11.4 pct during the whole of 1986 and a target of eight pct for 1987. Banking sources said that although the January money supply figures were good, compared with annualised rates of 13.9 pct in December and 10.2 pct in January 1986, ALP growth appeared to have accelerated in February, raising government concern. Regarding inflation, recent figures have suggested that prices were under control. Secretary of State for Trade, Miguel Angel Fernandez Ordonez, said this week that the annualised inflation rate for February, not yet officially announced, fell to 5.5 pct from six pct in January, compared with inflation of 8.3 pct during 1986 and a government target of five pct for this year.