A few months back, Australia had to cancel their tour of Bangladesh due to COVID-19 pandemic.
"We have our priorities for the year which we’re not compromising and we’re investing in those," NZC Chief Executive David White said.
Archer was racially abused by a member in the crowd during the first Test.
The squad will be announced on Wednesday.
New Zealand Cricket (NZC) have launched an investigation to identify the culprits.
Guptill is also set to play the first ODI against Bangladesh.
"We agree the course of action taken was an overreaction."
In 2018, as many as 12 Kiwis took part in the event.
The Test series will begin on November 16.
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