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18 June 2019, 17:06 | Updated: 18 June 2019, 17:14
In a short statement online, the Board of Directors said it would be in the long term interests of the club to split with Monk.
Assistant coach Pep Clotet has been appointed caretaker Head Coach with immediate effect.
The remainder of the coaching and backroom staff – including Sean Rush, Darryl Flahavan, Ryan Needs and James Beattie - will stay.
The former Swansea, Leeds and Middlesbrough manager had taken over at St Andrew's during March 2018, and guided the club to safety despite a deduction of nine points for a breach of the Football League's profitability and sustainability rules.
In their statement, Blues said "We have faced significant challenges in relation to Profitability and Sustainability regulations and whilst we will improve our squad and be competitive in the market – the Club’s owners are committed to continued investment - we will do so sensibly and effectively.
"The Board of Directors feel that it is vitally important for everybody at the Club to be sharing the same vision and commitment to the plans and processes."