diff --git a/Lib/fontTools/__init__.py b/Lib/fontTools/__init__.py
index 220086e99..99dc4e191 100644
--- a/Lib/fontTools/__init__.py
+++ b/Lib/fontTools/__init__.py
@@ -5,6 +5,6 @@ from fontTools.misc.loggingTools import configLogger
 
 log = logging.getLogger(__name__)
 
-version = __version__ = "3.37.4.dev0"
+version = __version__ = "3.38.0"
 
 __all__ = ["version", "log", "configLogger"]
diff --git a/NEWS.rst b/NEWS.rst
index 3bb73a26f..b3b0adb36 100644
--- a/NEWS.rst
+++ b/NEWS.rst
@@ -1,3 +1,6 @@
+3.38.0 (released 2019-02-18)
+----------------------------
+
 - [cffLib] Fixed RecursionError when unpickling or deepcopying TTFont with
   CFF table (#1488, 649dc49).
 - [subset] Fixed AttributeError when using --desubroutinize option (#1490).
diff --git a/setup.cfg b/setup.cfg
index 412ada6dd..1c33ce131 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 3.37.4.dev0
+current_version = 3.38.0
 commit = True
 tag = False
 tag_name = {new_version}
diff --git a/setup.py b/setup.py
index 5170681a2..273c585cb 100755
--- a/setup.py
+++ b/setup.py
@@ -352,7 +352,7 @@ def find_data_files(manpath="share/man"):
 
 setup(
 	name="fonttools",
-	version="3.37.4.dev0",
+	version="3.38.0",
 	description="Tools to manipulate font files",
 	author="Just van Rossum",
 	author_email="just@letterror.com",