diff --git a/CMakeLists.txt b/CMakeLists.txt
index 9aed2ae9..71fca00e 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -5,7 +5,7 @@ message(STATUS "Initiating compile using CMake ${CMAKE_VERSION}")
 
 set(VERSION_MAJOR "16")
 set(VERSION_MINOR "0")
-set(VERSION_REVISION "2")
+set(VERSION_REVISION "3")
 set(VERSION "0.${VERSION_MAJOR}.${VERSION_MINOR}.${VERSION_REVISION}")
 
 option(STATIC "Link libraries statically, requires static Qt")
diff --git a/get_libwallet_api.sh b/get_libwallet_api.sh
index 945fb251..a8e4cb46 100755
--- a/get_libwallet_api.sh
+++ b/get_libwallet_api.sh
@@ -17,7 +17,7 @@ if [ ! -d $MONERO_DIR/src ]; then
 fi
 git submodule update --remote
 git -C $MONERO_DIR fetch
-git -C $MONERO_DIR checkout v0.16.0.1
+git -C $MONERO_DIR checkout v0.16.0.3
 
 # get monero core tag
 pushd $MONERO_DIR
diff --git a/monero b/monero
index a498a1b4..7bd1ed03 160000
--- a/monero
+++ b/monero
@@ -1 +1 @@
-Subproject commit a498a1b4ce432941dee47d74c7e05bf87acd3ad6
+Subproject commit 7bd1ed03dd29d1f194503b6fdce6588306328b72