diff --git a/src/libs/actions/IOU.js b/src/libs/actions/IOU.js
index a0ed5b9c593f..7da6e13d1f86 100644
--- a/src/libs/actions/IOU.js
+++ b/src/libs/actions/IOU.js
@@ -178,8 +178,13 @@ function clearMoneyRequest(transactionID) {
  * @param {String} transactionID
  * @param {Number} amount
  * @param {String} currency
+ * @param {Boolean} [removeOriginalCurrency]
  */
-function setMoneyRequestAmount_temporaryForRefactor(transactionID, amount, currency) {
+function setMoneyRequestAmount_temporaryForRefactor(transactionID, amount, currency, removeOriginalCurrency = false) {
+    if (removeOriginalCurrency) {
+        Onyx.merge(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`, {amount, currency, originalCurrency: null});
+        return;
+    }
     Onyx.merge(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`, {amount, currency});
 }
 
@@ -194,11 +199,24 @@ function setMoneyRequestCreated_temporaryForRefactor(transactionID, created) {
 /**
  * @param {String} transactionID
  * @param {String} currency
+ * @param {Boolean} [removeOriginalCurrency]
  */
-function setMoneyRequestCurrency_temporaryForRefactor(transactionID, currency) {
+function setMoneyRequestCurrency_temporaryForRefactor(transactionID, currency, removeOriginalCurrency = false) {
+    if (removeOriginalCurrency) {
+        Onyx.merge(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`, {currency, originalCurrency: null});
+        return;
+    }
     Onyx.merge(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`, {currency});
 }
 
+/**
+ * @param {String} transactionID
+ * @param {String} originalCurrency
+ */
+function setMoneyRequestOriginalCurrency_temporaryForRefactor(transactionID, originalCurrency) {
+    Onyx.merge(`${ONYXKEYS.COLLECTION.TRANSACTION_DRAFT}${transactionID}`, {originalCurrency});
+}
+
 /**
  * @param {String} transactionID
  * @param {String} comment
@@ -3791,6 +3809,7 @@ export {
     setMoneyRequestCategory_temporaryForRefactor,
     setMoneyRequestCreated_temporaryForRefactor,
     setMoneyRequestCurrency_temporaryForRefactor,
+    setMoneyRequestOriginalCurrency_temporaryForRefactor,
     setMoneyRequestDescription_temporaryForRefactor,
     setMoneyRequestMerchant_temporaryForRefactor,
     setMoneyRequestParticipants_temporaryForRefactor,
diff --git a/src/pages/iou/request/step/IOURequestStepAmount.js b/src/pages/iou/request/step/IOURequestStepAmount.js
index 84e0ac8533c5..f91e7cea533b 100644
--- a/src/pages/iou/request/step/IOURequestStepAmount.js
+++ b/src/pages/iou/request/step/IOURequestStepAmount.js
@@ -1,6 +1,6 @@
 import {useFocusEffect} from '@react-navigation/native';
 import PropTypes from 'prop-types';
-import React, {useCallback, useRef} from 'react';
+import React, {useCallback, useEffect, useRef} from 'react';
 import {withOnyx} from 'react-native-onyx';
 import taxPropTypes from '@components/taxPropTypes';
 import transactionPropTypes from '@components/transactionPropTypes';
@@ -59,18 +59,19 @@ const getTaxAmount = (transaction, defaultTaxValue, amount) => {
 function IOURequestStepAmount({
     report,
     route: {
-        params: {iouType, reportID, transactionID, backTo, currency: selectedCurrency},
+        params: {iouType, reportID, transactionID, backTo},
     },
     transaction,
-    transaction: {currency: originalCurrency},
+    transaction: {currency},
     policyTaxRates,
     policy,
 }) {
     const {translate} = useLocalize();
     const textInput = useRef(null);
     const focusTimeoutRef = useRef(null);
+    const isSaveButtonPressed = useRef(false);
+    const originalCurrency = useRef(null);
     const iouRequestType = getRequestType(transaction);
-    const currency = selectedCurrency || originalCurrency;
 
     const isPolicyExpenseChat = ReportUtils.isPolicyExpenseChat(ReportUtils.getRootParentReport(report));
     const isTaxTrackingEnabled = isPolicyExpenseChat && policy.isTaxTrackingEnabled;
@@ -87,6 +88,22 @@ function IOURequestStepAmount({
         }, []),
     );
 
+    useEffect(() => {
+        if (transaction.originalCurrency) {
+            originalCurrency.current = transaction.originalCurrency;
+        } else {
+            originalCurrency.current = currency;
+            IOU.setMoneyRequestOriginalCurrency_temporaryForRefactor(transactionID, currency);
+        }
+        return () => {
+            if (isSaveButtonPressed.current) {
+                return;
+            }
+            IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, originalCurrency.current, true);
+        };
+        // eslint-disable-next-line react-hooks/exhaustive-deps
+    }, []);
+
     const navigateBack = () => {
         Navigation.goBack(backTo || ROUTES.HOME);
     };
@@ -99,6 +116,7 @@ function IOURequestStepAmount({
      * @param {Number} amount
      */
     const navigateToNextPage = ({amount}) => {
+        isSaveButtonPressed.current = true;
         const amountInSmallestCurrencyUnits = CurrencyUtils.convertToBackendAmount(Number.parseFloat(amount));
 
         if ((iouRequestType === CONST.IOU.REQUEST_TYPE.MANUAL || backTo) && isTaxTrackingEnabled) {
@@ -107,7 +125,7 @@ function IOURequestStepAmount({
             IOU.setMoneyRequestTaxAmount(transaction.transactionID, taxAmountInSmallestCurrencyUnits);
         }
 
-        IOU.setMoneyRequestAmount_temporaryForRefactor(transactionID, amountInSmallestCurrencyUnits, currency || CONST.CURRENCY.USD);
+        IOU.setMoneyRequestAmount_temporaryForRefactor(transactionID, amountInSmallestCurrencyUnits, currency || CONST.CURRENCY.USD, true);
 
         if (backTo) {
             Navigation.goBack(backTo);
diff --git a/src/pages/iou/request/step/IOURequestStepConfirmation.js b/src/pages/iou/request/step/IOURequestStepConfirmation.js
index 0f1c2b27ad2e..2efba59e0acc 100644
--- a/src/pages/iou/request/step/IOURequestStepConfirmation.js
+++ b/src/pages/iou/request/step/IOURequestStepConfirmation.js
@@ -5,6 +5,7 @@ import {View} from 'react-native';
 import {withOnyx} from 'react-native-onyx';
 import _ from 'underscore';
 import categoryPropTypes from '@components/categoryPropTypes';
+import FullScreenLoadingIndicator from '@components/FullscreenLoadingIndicator';
 import HeaderWithBackButton from '@components/HeaderWithBackButton';
 import * as Expensicons from '@components/Icon/Expensicons';
 import MoneyRequestConfirmationList from '@components/MoneyTemporaryForRefactorRequestConfirmationList';
@@ -103,6 +104,15 @@ function IOURequestStepConfirmation({
     );
     const isPolicyExpenseChat = useMemo(() => ReportUtils.isPolicyExpenseChat(ReportUtils.getRootParentReport(report)), [report]);
 
+    useEffect(() => {
+        if (!transaction || !transaction.originalCurrency) {
+            return;
+        }
+        // If user somehow lands on this page without the currency reset, then reset it here.
+        IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, transaction.originalCurrency, true);
+        // eslint-disable-next-line react-hooks/exhaustive-deps
+    }, []);
+
     useEffect(() => {
         const policyExpenseChat = _.find(participants, (participant) => participant.isPolicyExpenseChat);
         if (policyExpenseChat) {
@@ -321,6 +331,10 @@ function IOURequestStepConfirmation({
         IOU.setMoneyRequestBillable_temporaryForRefactor(transactionID, billable);
     };
 
+    // This loading indicator is shown because the transaction originalCurrency is being updated later than the component mounts.
+    // To prevent the component from rendering with the wrong currency, we show a loading indicator until the correct currency is set.
+    const isLoading = !!(transaction && transaction.originalCurrency);
+
     return (
         <ScreenWrapper
             includeSafeAreaPaddingBottom={false}
@@ -342,38 +356,42 @@ function IOURequestStepConfirmation({
                             },
                         ]}
                     />
-                    <MoneyRequestConfirmationList
-                        transaction={transaction}
-                        hasMultipleParticipants={iouType === CONST.IOU.TYPE.SPLIT}
-                        selectedParticipants={participants}
-                        iouAmount={transaction.amount}
-                        iouComment={lodashGet(transaction, 'comment.comment', '')}
-                        iouCurrencyCode={transaction.currency}
-                        iouIsBillable={transaction.billable}
-                        onToggleBillable={setBillable}
-                        iouCategory={transaction.category}
-                        iouTag={transaction.tag}
-                        onConfirm={createTransaction}
-                        onSendMoney={sendMoney}
-                        onSelectParticipant={addNewParticipant}
-                        receiptPath={receiptPath}
-                        receiptFilename={receiptFilename}
-                        iouType={iouType}
-                        reportID={reportID}
-                        isPolicyExpenseChat={isPolicyExpenseChat}
-                        // The participants can only be modified when the action is initiated from directly within a group chat and not the floating-action-button.
-                        // This is because when there is a group of people, say they are on a trip, and you have some shared expenses with some of the people,
-                        // but not all of them (maybe someone skipped out on dinner). Then it's nice to be able to select/deselect people from the group chat bill
-                        // split rather than forcing the user to create a new group, just for that expense. The reportID is empty, when the action was initiated from
-                        // the floating-action-button (since it is something that exists outside the context of a report).
-                        canModifyParticipants={!transaction.isFromGlobalCreate}
-                        policyID={report.policyID}
-                        bankAccountRoute={ReportUtils.getBankAccountRoute(report)}
-                        iouMerchant={transaction.merchant}
-                        iouCreated={transaction.created}
-                        isDistanceRequest={requestType === CONST.IOU.REQUEST_TYPE.DISTANCE}
-                        shouldShowSmartScanFields={_.isEmpty(lodashGet(transaction, 'receipt.source', ''))}
-                    />
+                    {isLoading ? (
+                        <FullScreenLoadingIndicator />
+                    ) : (
+                        <MoneyRequestConfirmationList
+                            transaction={transaction}
+                            hasMultipleParticipants={iouType === CONST.IOU.TYPE.SPLIT}
+                            selectedParticipants={participants}
+                            iouAmount={transaction.amount}
+                            iouComment={lodashGet(transaction, 'comment.comment', '')}
+                            iouCurrencyCode={transaction.currency}
+                            iouIsBillable={transaction.billable}
+                            onToggleBillable={setBillable}
+                            iouCategory={transaction.category}
+                            iouTag={transaction.tag}
+                            onConfirm={createTransaction}
+                            onSendMoney={sendMoney}
+                            onSelectParticipant={addNewParticipant}
+                            receiptPath={receiptPath}
+                            receiptFilename={receiptFilename}
+                            iouType={iouType}
+                            reportID={reportID}
+                            isPolicyExpenseChat={isPolicyExpenseChat}
+                            // The participants can only be modified when the action is initiated from directly within a group chat and not the floating-action-button.
+                            // This is because when there is a group of people, say they are on a trip, and you have some shared expenses with some of the people,
+                            // but not all of them (maybe someone skipped out on dinner). Then it's nice to be able to select/deselect people from the group chat bill
+                            // split rather than forcing the user to create a new group, just for that expense. The reportID is empty, when the action was initiated from
+                            // the floating-action-button (since it is something that exists outside the context of a report).
+                            canModifyParticipants={!transaction.isFromGlobalCreate}
+                            policyID={report.policyID}
+                            bankAccountRoute={ReportUtils.getBankAccountRoute(report)}
+                            iouMerchant={transaction.merchant}
+                            iouCreated={transaction.created}
+                            isDistanceRequest={requestType === CONST.IOU.REQUEST_TYPE.DISTANCE}
+                            shouldShowSmartScanFields={_.isEmpty(lodashGet(transaction, 'receipt.source', ''))}
+                        />
+                    )}
                 </View>
             )}
         </ScreenWrapper>
diff --git a/src/pages/iou/request/step/IOURequestStepCurrency.js b/src/pages/iou/request/step/IOURequestStepCurrency.js
index b4281de4d16e..06af0ecf3ca4 100644
--- a/src/pages/iou/request/step/IOURequestStepCurrency.js
+++ b/src/pages/iou/request/step/IOURequestStepCurrency.js
@@ -59,18 +59,14 @@ function IOURequestStepCurrency({
     const [searchValue, setSearchValue] = useState('');
     const optionsSelectorRef = useRef();
 
-    const navigateBack = (selectedCurrency = undefined) => {
+    const navigateBack = () => {
         // If the currency selection was done from the confirmation step (eg. + > request money > manual > confirm > amount > currency)
         // then the user needs taken back to the confirmation page instead of the initial amount page. This is because the route params
         // are only able to handle one backTo param at a time and the user needs to go back to the amount page before going back
         // to the confirmation page
         if (pageIndex === 'confirm') {
             const routeToAmountPageWithConfirmationAsBackTo = getUrlWithBackToParam(backTo, `/${ROUTES.MONEY_REQUEST_STEP_CONFIRMATION.getRoute(iouType, transactionID, reportID)}`);
-            if (selectedCurrency) {
-                Navigation.navigate(`${routeToAmountPageWithConfirmationAsBackTo}&currency=${selectedCurrency}`);
-            } else {
-                Navigation.goBack(routeToAmountPageWithConfirmationAsBackTo);
-            }
+            Navigation.goBack(routeToAmountPageWithConfirmationAsBackTo);
             return;
         }
         Navigation.goBack(backTo || ROUTES.HOME);
@@ -82,10 +78,8 @@ function IOURequestStepCurrency({
      */
     const confirmCurrencySelection = (option) => {
         Keyboard.dismiss();
-        if (pageIndex !== 'confirm') {
-            IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, option.currencyCode);
-        }
-        navigateBack(option.currencyCode);
+        IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, option.currencyCode);
+        navigateBack();
     };
 
     const {sections, headerMessage, initiallyFocusedOptionKey} = useMemo(() => {
diff --git a/src/pages/iou/request/step/IOURequestStepTaxAmountPage.js b/src/pages/iou/request/step/IOURequestStepTaxAmountPage.js
index a9f3195bfdfd..d1352f5b1f5d 100644
--- a/src/pages/iou/request/step/IOURequestStepTaxAmountPage.js
+++ b/src/pages/iou/request/step/IOURequestStepTaxAmountPage.js
@@ -1,5 +1,5 @@
 import {useFocusEffect} from '@react-navigation/native';
-import React, {useCallback, useRef} from 'react';
+import React, {useCallback, useEffect, useRef} from 'react';
 import {View} from 'react-native';
 import {withOnyx} from 'react-native-onyx';
 import FullPageNotFoundView from '@components/BlockingViews/FullPageNotFoundView';
@@ -53,10 +53,10 @@ const getTaxAmount = (transaction, defaultTaxValue) => {
 
 function IOURequestStepTaxAmountPage({
     route: {
-        params: {iouType, reportID, transactionID, backTo, currency: selectedCurrency},
+        params: {iouType, reportID, transactionID, backTo},
     },
     transaction,
-    transaction: {currency: originalCurrency},
+    transaction: {currency},
     report,
     policyTaxRates,
 }) {
@@ -65,10 +65,27 @@ function IOURequestStepTaxAmountPage({
     const textInput = useRef(null);
     const isEditing = Navigation.getActiveRoute().includes('taxAmount');
 
-    const currency = selectedCurrency || originalCurrency;
-
     const focusTimeoutRef = useRef(null);
 
+    const isSaveButtonPressed = useRef(false);
+    const originalCurrency = useRef(null);
+
+    useEffect(() => {
+        if (transaction.originalCurrency) {
+            originalCurrency.current = transaction.originalCurrency;
+        } else {
+            originalCurrency.current = currency;
+            IOU.setMoneyRequestOriginalCurrency_temporaryForRefactor(transactionID, currency);
+        }
+        return () => {
+            if (isSaveButtonPressed.current) {
+                return;
+            }
+            IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, originalCurrency.current, true);
+        };
+        // eslint-disable-next-line react-hooks/exhaustive-deps
+    }, []);
+
     useFocusEffect(
         useCallback(() => {
             focusTimeoutRef.current = setTimeout(() => textInput.current && textInput.current.focus(), CONST.ANIMATED_TRANSITION);
@@ -93,10 +110,11 @@ function IOURequestStepTaxAmountPage({
     };
 
     const updateTaxAmount = (currentAmount) => {
+        isSaveButtonPressed.current = true;
         const amountInSmallestCurrencyUnits = CurrencyUtils.convertToBackendAmount(Number.parseFloat(currentAmount.amount));
         IOU.setMoneyRequestTaxAmount(transactionID, amountInSmallestCurrencyUnits);
 
-        IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, currency || CONST.CURRENCY.USD);
+        IOU.setMoneyRequestCurrency_temporaryForRefactor(transactionID, currency || CONST.CURRENCY.USD, true);
 
         if (backTo) {
             Navigation.goBack(backTo);