Bony has shone during his debut season in the Premier League with 16 goals, a haul that has reportedly attracted the interest of clubs from around Europe.
The 25-year-old has been linked with moves to Borussia Dortmund, Arsenal and Everton in recent weeks but Monk - who signed a three-year contract to become Swansea's permanent head coach on Wednesday - insists the club do not need to sell their prized asset.
"He has three years left on his deal," Monk said. "He was not maybe seen as a typical Swansea player when he signed - we have never really had that real physical type up front.
"Our style has always been to play short, but he has adapted and his team-mates have adapted to him.
"We need to hang on to him and he is happy here.
"You never know what can happen - players will always get linked with other clubs - but Swansea do not have to be a selling club.
"We are in a powerful position, these boys are under contract and it is the club that will make the final decision on their futures."
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