Venezuela's President Hugo Chavez has announced that the national currency, the bolivar, will be devalued for the first time since 2005 by at least 17%.

委内瑞拉总统乌戈·查韦斯宣布，国家货币——委内瑞拉银币自2005年以来将第一次贬值，贬值率至少17%。

Chavez said the devaluation would limit unnecessary imports

The bolivar委内瑞拉银币, whose rate is set by government decree法令，判决, will be devalued from its current rate of 2.15 to the US dollar to 2.60 for "priority" imports.

However, the bolivar will be worth 4.30 to the dollar, a 50% devaluation货币贬值, for items considered non-essential.

Mr Chavez was under pressure to devalue to boost revenue税收，收益 from oil exports.

The country is currently facing 25% inflation, as well as reduced foreign earnings¹.

However, the bolivar is far more devalued on the parallel平行的，类似的, unofficial currency market where it trades at rates as high as six bolivars to a US dollar.

Food and health care imports, and the public sector² will be able to take advantage of the lower of the two official rates.

However, cars, chemicals, petrochemical石油化学产品 and electronics will be charged at the higher rate.

President Chavez said that the two official rates would have the effect of "limiting imports that are not strictly³ necessary and stimulating⁴ export policy".