Venezuelan President Hugo Chavez has lost a referendum on controversial constitutional reforms that would have cemented his power, the electoral council of the country reported early Monday.

Voters said "No" on Sunday to reforms intended to abolish presidential term limits, give Chavez control over foreign currency reserves and allow government censorship during declared emergencies.

The reforms would have boosted Chavez's powers to expropriate private property in the self-declared "socialist revolution".

The referendum was the first major electoral defeat in the nine years of Chavez's presidency.

Voters rejected the 69 proposed amendments 51 to 49 percent.

Celebrations of the opposition began immediately in the capital Caracas after the results were announced, with activists beeping car horns and waving flags.

Opponents of the president said the reforms would have led to dictatorship.

Chavez insisted that he would "continue the battle to build socialism," as cited by BBC, describing the defeat as a "photo finish".

He added that the reforms were "still alive".

The current rules state Chavez will have to stand down in 2013.

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