diff --git a/README.md b/README.md
index aed44c0..80fbdc3 100644
--- a/README.md
+++ b/README.md
@@ -1,6 +1,6 @@
 # Monero C++ Library
 
-A C++ library for creating Monero applications using native bindings to [monero v0.16.0.1 'Nitrogen Nebula'](https://github.com/monero-project/monero/tree/v0.16.0.1).
+A C++ library for creating Monero applications using native bindings to [monero v0.16.0.3 'Nitrogen Nebula'](https://github.com/monero-project/monero/tree/v0.16.0.3).
 
 * Supports fully client-side wallets by wrapping [wallet2.h](https://github.com/monero-project/monero/blob/master/src/wallet/wallet2.h).
 * Supports multisig, view-only, and offline wallets.
diff --git a/bin/update_submodules.sh b/bin/update_submodules.sh
index ad7688b..a870e40 100755
--- a/bin/update_submodules.sh
+++ b/bin/update_submodules.sh
@@ -5,6 +5,6 @@ git submodule update --init --recursive
 
 # update monero-core
 cd ./external/monero-core
-git checkout tags/v0.16.0.1
-git pull --ff-only origin tags/v0.16.0.1
+git checkout tags/v0.16.0.3
+git pull --ff-only origin tags/v0.16.0.3
 cd ../../
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