The scheme will run from March to September
Castletown Commissioners has been granted an order for the permanent closure of Market Square during summer.
It means no vehicles will be able to park in the area from 1 March to 30 September every year.
The decision to close the square has been controversial and resulted in a public meeting about the issue last November.
The local authority says it will 'support' a pedestrian friendly environment in the town centre.
It's also confirmed events during the festive period will be subject to a temporary closure order.
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