The Black Caps were due to face the Asian Tigers in August-September in a two-Test series.
While New Zealand was declared Coronavirus-free earlier this month, the pandemic is still firm with its grip in Bangladesh. In such circumstances, going ahead with a series, especially when the hosts haven't yet returned to training, was never feasible.
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"In the present COVID-19 pandemic scenario, hosting a full cricket series in August 2020 will be a challenge in terms of preparations and we cannot take chances with the safety and health of players, support staff and related stakeholders," said Chowdhury.
"Under these circumstances, the BCB and NZC have felt that the best way forward would be to defer the series," he added. "We realise that this will be hugely disappointing for the players and officials of both teams, not to mention the fans of the two nations but I must thank NZC for its understanding and for recognising the rationale behind such a decision."
The series becomes latest from the World Test Championship to be postponed indefinitely amid the deadly outbreak that has led to a global health crisis.
Only after great efforts in the creation of a bio-secure bubble could England be in the position to host West Indies next month.
But all other series within the ongoing Test championship cycle are either deferred already or uncertain to see the light of the day.
(Inputs from Cricbuzz)