diff --git a/src/pages/iou/steps/MoneyRequestAmountForm.js b/src/pages/iou/steps/MoneyRequestAmountForm.js
index b4ae00b8e665..6317fd09aa82 100644
--- a/src/pages/iou/steps/MoneyRequestAmountForm.js
+++ b/src/pages/iou/steps/MoneyRequestAmountForm.js
@@ -123,9 +123,9 @@ function MoneyRequestAmountForm({amount, currency, isEditing, forwardedRef, onCu
             return;
         }
         initializeAmount(amount);
-        // we want to update the state only when the amount is changed
+        // we want to re-initialize the state only when the selected tab changes
         // eslint-disable-next-line react-hooks/exhaustive-deps
-    }, [amount]);
+    }, [selectedTab]);
 
     /**
      * Sets the selection and the amount accordingly to the value passed to the input