BANK OF SPAIN GOVERNOR SAYS MONEY GROWTH TOO FAST

  Bank of Spain governor Mariano Rubio said
  the central bank was worried that money supply was growing too
  fast, reflecting excessive internal demand in the Spanish
  economy, but added that he was confident recent measures would
  succeed in restricting money growth.
      In testimony to the economic commission of Congress, Rubio
  said the main measure of money supply, the broad-based Liquid
  Assets in Public Hands, grew at an estimated annualised rate of
  17 pct in March, the same as in February.
      The bank's target range for growth in this measure in 1987
  is 6.5 to 9.5 pct, compared with 11.4 pct last year.
      Rubio said he was aiming for the lower end of the range.
      He added that real GDP growth of three pct in 1986 was due
  to a six pct increase in real internal demand and a three pct
  real drop in the contribution of the external sector.
      The aim for 1987 was for the same real growth in GDP but a
  drop in the internal contribution to 4.5 pct with the negative
  component of the external sector trimmed to 1.5 pct, he said.
  

