The currency has fallen to a four year low against the US dollar

The rapid fall in the value of the Indonesian rupiah has sparked widespread concern in the country's press.

Some commentators predict a major economic and political crisis if the government does not take immediate action to address the situation.

The government appears to be panicky, with cabinet members working without co-ordination. It is natural if trust in the government, particularly in its economic team, plunges.

There is mounting concern about the national economic situation... the government or the Bank of Indonesia has yet to formulate comprehensive, concrete measures to overcome the problem. Will Indonesia once again suffer an economic crisis as it did in 1997-1998?

The Bank of Indonesia's fears of panic buying have eventually come true... As president, Susilo Bambang Yudhoyono must be responsible for answering the direct mandate of the people. But, more important, is the courage to take unpopular decisions, for example to raise fuel prices. Otherwise, the country will face continuing difficulties.

Before the situation becomes worse, President Yudhoyono should be brave enough to take a radical measure and re-shuffle his cabinet now. The market needs new 'actors' in the economic team who can raise new hopes.

To solve a crisis requires not only the right decision, but also an immediate one. If the government is busy offering solutions, who will then decide what option to choose?

'Don't worry, be happy'. That was the statement by Finance Minister Jusuf Anwar last week in response to the continuing slide of the rupiah. Is it true that we do not need to worry? The fate of the nation is indeed at stake.

Even though President Yudhoyono realises that the problems we are now facing require fundamental, strategic and long-term policies, he seems to be losing his touch. An unsettled economic crisis is the beginning of a worse political crisis.

The market can no longer be bluffed because it knows the government's strengths and weaknesses, including the foreign exchange reserve situation. As a result, various measures by President Yudhoyono such as the unexpected inspection of the Bank of Indonesia have also failed to calm down the currency market. Why? Because the market thinks the government is not serious.

The current deteriorating national economic condition is a lesson and political test for President Yudhoyono and Vice-President Kalla. Will the pair be capable of getting through the hard times? If they fail, the country will become more disappointed. This will endanger the political stability of the government.

The trouble is that Indonesia often displays mixed signals or ambiguity. It is not uncommon for the government's statements to contradict the real situation and contradictory statements emanate from government officials. Take, for example, when President Yudhoyono appealed to people to remain calm... and Co-ordinating Minister for Economic Affairs Aburizal Bakrie claimed that our economy has a strong foundation.

The president has yet to take measures to counter the slide of the rupiah. What we have is only his statement calling on people not to panic. This kind of move is no longer sufficient in dealing with the current situation.

BBC Monitoring selects and translates news from radio, television, press, news agencies and the Internet from 150 countries in more than 70 languages. It is based in Caversham, UK, and has several bureaus abroad.