Indonesian President Susilo Bambang Yudhoyono said Thursday the four economic policies he announced Wednesday would not immediately have the desired impact on the market.

"The market is dynamic, surely the policies will not instantly have their expected impact on the market," the President said at the presidential office.

The four policies the President unveiled Wednesday cover energy, monetary, fiscal, and other sectors including investment.

But following the announcement, a number of economic observers said the policies were not what the market had hoped for. The rupiah also took another dip Thursday after slightly edging up on the two preceding days.

Susilo said the government policies should be explained to the public, to observers, economists and businessmen. "Today, we will begin implementing the policies one by one," he said.

He said the government would Thursday begin to calculate the percentage of the fuel/oil price hike it is planning to introduce and set the time it would be announced.

The government would also discuss the fuel/oil subsidy question with the House of Representatives (DPR).

In the monetary sector, the President said, the central bank, Bank Indonesia (BI), has taken the necessary steps to stabilize the rupiah's exchange rate.

Reaffirming the importance of attracting investment, the President said as part of the government's efforts to improve the investment climate, he had signed three draft laws for submission to the parliament, namely on taxation, customs and duties.

Source: Xinhua