diff --git a/src/pages/iou/steps/MoneyRequestAmountForm.js b/src/pages/iou/steps/MoneyRequestAmountForm.js
index 55e76727e500..203e37eab0ef 100644
--- a/src/pages/iou/steps/MoneyRequestAmountForm.js
+++ b/src/pages/iou/steps/MoneyRequestAmountForm.js
@@ -136,10 +136,17 @@ function MoneyRequestAmountForm({amount, currency, isEditing, forwardedRef, onCu
             if (!_.isEmpty(formError)) {
                 setFormError('');
             }
+
+            // setCurrentAmount contains another setState(setSelection) making it error-prone since it is leading to setSelection being called twice for a single setCurrentAmount call. This solution introducing the hasSelectionBeenSet flag was chosen for its simplicity and lower risk of future errors https://github.com/Expensify/App/issues/23300#issuecomment-1766314724.
+
+            let hasSelectionBeenSet = false;
             setCurrentAmount((prevAmount) => {
                 const strippedAmount = MoneyRequestUtils.stripCommaFromAmount(newAmountWithoutSpaces);
                 const isForwardDelete = prevAmount.length > strippedAmount.length && forwardDeletePressedRef.current;
-                setSelection((prevSelection) => getNewSelection(prevSelection, isForwardDelete ? strippedAmount.length : prevAmount.length, strippedAmount.length));
+                if (!hasSelectionBeenSet) {
+                    hasSelectionBeenSet = true;
+                    setSelection((prevSelection) => getNewSelection(prevSelection, isForwardDelete ? strippedAmount.length : prevAmount.length, strippedAmount.length));
+                }
                 return strippedAmount;
             });
         },