The International Monetary Fund on Wednesday said it was ready to assist Ukraine with its foreign currency issues, amid a steep fall in the country's hryvnia currency.

"IMF staff are in close contact with the National Bank of Ukraine and stand ready to assist in designing measures that will address excessive and temporary imbalances in the supply and demand for foreign exchange," an IMF spokeswoman said in a statement.

Ukraine's central bank on Wednesday abruptly reversed a ban that had prohibited most currency trading, less than a day after it was imposed. The country's economic officials had sought to stem a plunge in the currency as the country waits the first disbursement under a $17.5 billion IMF bailout.