The Egyptian pound has weakened by about 6.8 percent on the interbank market since the first auction at the end of December and is now trading at 6.6354 to the US dollar. Sunday's sale will be the 14th auction.

The auctions are a bid to preserve Egypt's foreign reserves, which have fallen to a critical level and now hover around $15 billion, covering roughly three months imports. The bank holds three foreign currency auctions a week.