Ahmed Galal, the finance minister, said Egypt cannot return a Turkish deposit of US$1 billion because the deposit was set for a duration of five years.
Galal added that foreign exchange reserves approached $19 billion.
Turkey deposited $500 million in the Central Bank of Egypt in October 2012 and $500 million in January 2013. Its term was five years with an interest rate of 1 percent, to be due in October 2017.
News circulated that Turkey would request the return of the deposit against the backdrop of recent political tensions between the two countries.
A senior official at the Egyptian Ministry of Finance and the Governor of the Central Bank held a meeting to discuss securing Egypt's reserve of foreign exchange if Turkey were to make the request.
The official said Gulf aid could make up for the Turkish deposit although Turkey has not yet requested the refund officially.
Maged Shebeita, former legal advisor to the Minister of Finance, said Turkey will have to give up the interest rate on the deposit if it is withdrawn.
Egypt has already returned $3 billion to Qatar that had been part of its financial assistance to Egypt.
Edited translation from Al-Masry Al-Youm
