LOSAR

Losar  is theTibetan word for "new year." lo holds the semantic field "year, age"; sar holds the semantic field "new, fresh". Losar is the most important holiday in Tibet.
Losar is celebrated for 15 days, with the main celebrations on the first three days. On the first day of Losar, a beverage called changkol is made from chhaang (a Tibetan cousin of beer.). The second day of Losar is known as King's Losar (gyalpo losar). Losar is traditionally preceded by the five day practice of Vajrakilaya. It often falls on the same day as the Chinese New Year (sometimes with one day or occasionally with one lunar month difference).
Losar is also celebrated by Yolmo,Sherpa, and in Bhutan, although different regions in the country have their own respective new year.
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History
The celebration of Losar predates Buddhism in Tibet and can be traced back to the pre-Buddhist Bon period. In this early Bön tradition, every winter a spiritual ceremony was held, in which people offered large quantities of incense to appease the local spirits, deities and 'protectors' (Tibetan: chos skyong; Sanskrit: dharmapalas). This religious festival later evolved into an annual Buddhist festival which is believed to have originated during the reign of Pude Gungyal, the ninth King of Tibet. The festival is said to have begun when an old woman named Belma introduced the measurement of time based on the phases of the moon. This festival took place during the flowering of the apricot trees of theLhokha Yarla Shampo region in autumn, and it may have been the first celebration of what has become the traditional farmers' festival. It was during this period that the arts of cultivation, irrigation, refining iron from ore and building bridges were first introduced in Tibet. The ceremonies which were instituted to celebrate these new capabilities can be recognized as precursors of the Losar festival. Later when the rudiments of astrology, based on the five elements, were introduced in Tibet, this farmer's festival became what we now call the Losar or New Year's festival.
Losar is also known as Bal Gyal Lo. Bal is Tibet, Gyal is King, Lo is year. The Tibetan new year has been celebrated since the first King's enthronement celebration. It was started with the first King. That was why it has been known as Bal Gyal Lo.