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DHAKA, Aug 7 (Reuters) Bangladesh's central bank has asked local and foreign commercial banks to offer nearly 77 billion taka (1.12 billion dollars) worth of agricultural credit to farmers who lost their crops in floods currently sweeping the country.

''We have asked the banks to disburse agro-credit immediately after the floodwater recedes,'' Nazrul Huda, deputy governor of the Bangladesh central bank, said today.

Still surging and likely to worsen in many areas, the floods have killed more than 160 people and marooned or displaced millions, including farmers.

Preliminary estimates show that rice -- the country's main staple -- and other crops on at least half a million hectares have been fully or partially damaged.

The farmers would probably face worse problems immediately after the floods and need financial support to re-cultivate their lands, disaster management officials have said.

Huda said the central bank had asked the commercial banks to establish a special unit, headed by the chief executive, to monitor and supervise the overall credit disbursement.

''Only the flood-affected farmers will be eligible for the credit despite having outstanding farm credit,'' Huda said.

Huda said 39 private commercial banks had already allocated their funds for the agricultural credit along with the eight state-owned banks and financial institutions.

This is the first time private commercial banks have joined a venture to help recover flood losses in agriculture.

The state-owned banks and financial institutions disbursed agricultural credit worth 52.93 billion taka in fiscal 2006/07 (July-June), according to data from the central bank.

Such credit helps farmers to buy seeds and fertilizer, and foot bills for irrigating their land.

($1 = 68.50 taka) REUTERS SS VC1850