KUWAIT, March 4 (KUNA) -- Exchange rate of the US dollar came to KD 0.278, while the euro slipped to KD 0.366, said the daily bulletin of the Central Bank of Kuwait (CBK) on Sunday.

The exchange rate of the Sterling pound was down to KD 0.440, while the Japanese yen remained at KD 0.003 since the beginning of the year. Meanwhile, the Swiss franc went down to KD 0.304.

The euro dropped because the European Central Bank adopted an initiative to offer banks cheap medium-term funding which could lead to a sharp contraction in corporate debt markets.