diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 5f2027e..03bf933 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-    ".": "3.2.0"
+    ".": "3.2.1"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index f511dbb..85836a0 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,14 @@
 
 <a name="v1.5.2"></a>
 
+## [3.2.1](https://github.com/Flagsmith/flagsmith-common/compare/v3.2.0...v3.2.1) (2026-01-16)
+
+
+### Bug Fixes
+
+* **Recurring Task:** Prevent incorrect first run near midnight ([#159](https://github.com/Flagsmith/flagsmith-common/issues/159)) ([e07d3f3](https://github.com/Flagsmith/flagsmith-common/commit/e07d3f30d4f8e0fc8a9f3fb3a57c02f97f6ffaa5))
+* Relax flagsmith-flag-engine dependency for flagsmith-schemas ([#161](https://github.com/Flagsmith/flagsmith-common/issues/161)) ([0dc71a1](https://github.com/Flagsmith/flagsmith-common/commit/0dc71a11ccc4f29d98ec94bef93f53faf3c4e18b))
+
 ## [3.2.0](https://github.com/Flagsmith/flagsmith-common/compare/v3.1.0...v3.2.0) (2026-01-14)
 
 
diff --git a/pyproject.toml b/pyproject.toml
index 2b297f8..cf6abc7 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "flagsmith-common"
-version = "3.2.0"
+version = "3.2.1"
 description = "Flagsmith's common library"
 requires-python = ">=3.11,<4.0"
 dependencies = []
diff --git a/uv.lock b/uv.lock
index df71c9d..c506c3d 100644
--- a/uv.lock
+++ b/uv.lock
@@ -396,7 +396,7 @@ wheels = [
 
 [[package]]
 name = "flagsmith-common"
-version = "3.2.0"
+version = "3.2.1"
 source = { editable = "." }
 
 [package.optional-dependencies]