Malaysia needs to move away from overdependence on cheap foreign labour and create good job opportunities to match the increasing living costs in urban areas, said Bank Negara Malaysia (BNM) governor Muhammad Ibrahim.

Citing an internal research, he said the cost of living for a family of four (two adults and two children) in urban areas has increased to RM6,500 a month.

While a single individual needs RM2,700 a month and a family of two adults needs RM4,600 monthly, according to him at a press conference.