Algerian football clubs have been banned from signing foreign players because of a severe financial crisis caused by a plunge in oil revenues, the national football federation said yesterday.

Algerian football clubs have been banned from signing foreign players because of a severe financial crisis caused by a plunge in oil revenues, the national football federation said yesterday.

Algeria’s oil export revenue has almost halved so far this year, crippling the economy of the North African nation, whose oil sales account for more than 95 percent of export revenues.

The football federation said the slump has created a “difficult” financial situation in Algeria, which can no longer “legally obtain currency to pay the salaries of foreign players”.

But football players who have already signed to play with Algerian clubs will be allowed to continue until their contracts expire.