diff --git a/CMakeLists.txt b/CMakeLists.txt
index a4f1917ade4..54bd7813904 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -5,14 +5,14 @@ cmake_policy(SET CMP0091 NEW)
 
 # Version info
 set(QUANTLIB_VERSION_MAJOR 1)
-set(QUANTLIB_VERSION_MINOR 33)
+set(QUANTLIB_VERSION_MINOR 34)
 set(QUANTLIB_VERSION_PATCH 0)
 set(QUANTLIB_VERSION ${QUANTLIB_VERSION_MAJOR}.${QUANTLIB_VERSION_MINOR}.${QUANTLIB_VERSION_PATCH})
 
 # Project Info
 set(PACKAGE_NAME          "QuantLib")
-set(PACKAGE_VERSION       "${QUANTLIB_VERSION}")
-set(PACKAGE_VERSION_HEX   "0x013300f0")
+set(PACKAGE_VERSION       "${QUANTLIB_VERSION}-dev")
+set(PACKAGE_VERSION_HEX   "0x01340000")
 set(PACKAGE_STRING        "${PACKAGE_NAME} ${PACKAGE_VERSION}")
 set(PACKAGE_TARNAME       "${PACKAGE_NAME}-${PACKAGE_VERSION}")
 set(PACKAGE_BUGREPORT     "https://github.com/lballabio/QuantLib/issues/")
diff --git a/configure.ac b/configure.ac
index 8e1776fa7b4..47720b0da3e 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,5 +1,5 @@
 # Process this file with autoconf to produce a configure script.
-AC_INIT([QuantLib], [1.33],
+AC_INIT([QuantLib], [1.34-dev],
         [quantlib-dev@lists.sourceforge.net],
         [QuantLib])
 AC_PREREQ(2.62)
diff --git a/ql/version.hpp b/ql/version.hpp
index cca12de737e..eac0b222680 100644
--- a/ql/version.hpp
+++ b/ql/version.hpp
@@ -31,10 +31,10 @@
 /*! @{ */
 
 //! version string
-#define QL_VERSION "1.33"
+#define QL_VERSION "1.34-dev"
 
 //! version hexadecimal number
-#define QL_HEX_VERSION 0x013300f0
+#define QL_HEX_VERSION 0x01340000
 
 /*! @}  */