diff --git a/version.php b/version.php
index 1a5ba288393..ea035560479 100644
--- a/version.php
+++ b/version.php
@@ -29,11 +29,11 @@
 
 defined('MOODLE_INTERNAL') || die();
 
-$version  = 2016120500.05;              // 20161205      = branching date YYYYMMDD - do not modify!
+$version  = 2016120501.00;              // 20161205      = branching date YYYYMMDD - do not modify!
                                         //         RR    = release increments - 00 in DEV branches.
                                         //           .XX = incremental changes.
 
-$release  = '3.2+ (Build: 20170106)'; // Human-friendly version name
+$release  = '3.2.1 (Build: 20170109)'; // Human-friendly version name
 
 $branch   = '32';                       // This version's branch.
 $maturity = MATURITY_STABLE;             // This version's maturity level.