diff --git a/optimum/version.py b/optimum/version.py
index da7a104bce7..43995f3381d 100644
--- a/optimum/version.py
+++ b/optimum/version.py
@@ -12,4 +12,4 @@
 #  See the License for the specific language governing permissions and
 #  limitations under the License.
 
-__version__ = "1.17.0.dev0"
+__version__ = "1.16.2"