diff --git a/Cargo.lock b/Cargo.lock
index d8eceef351a1..07a1f0b1d787 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -5784,10 +5784,11 @@ dependencies = [
 
 [[package]]
 name = "rust_decimal"
-version = "1.9.0"
+version = "1.16.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "a5c739ba050709eae138f053356d27ff818d71fe54ce5a8d9f4c7a660bfb6684"
+checksum = "e0f1028de22e436bb35fce070310ee57d57b5e59ae77b4e3f24ce4773312b813"
 dependencies = [
+ "arrayvec",
  "num-traits",
  "serde",
 ]
diff --git a/testsuite/cli/Cargo.toml b/testsuite/cli/Cargo.toml
index 7a8284211514..310ae6287bf4 100644
--- a/testsuite/cli/Cargo.toml
+++ b/testsuite/cli/Cargo.toml
@@ -15,7 +15,7 @@ chrono = "0.4.19"
 hex = "0.4.2"
 proptest = { version = "0.10.1", optional = true }
 rustyline = "7.1.0"
-rust_decimal = "1.9.0"
+rust_decimal = "1.16.0"
 num-traits = "0.2.14"
 once_cell = "1.4.1"
 reqwest = { version = "0.11.0", features = ["blocking", "json"] }
diff --git a/testsuite/smoke-test/Cargo.toml b/testsuite/smoke-test/Cargo.toml
index de8f69d6bfd0..481470659c5f 100644
--- a/testsuite/smoke-test/Cargo.toml
+++ b/testsuite/smoke-test/Cargo.toml
@@ -17,7 +17,7 @@ num = "0.3.0"
 num-traits = "0.2.14"
 rand = "0.7.3"
 regex = "1.4.3"
-rust_decimal = "1.9.0"
+rust_decimal = "1.16.0"
 rusty-fork = "0.3.0"
 statistical = "1.0.0"
 tokio = { version = "1.0.2", features = ["full"] }