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The statue is of Khadja Nasrdin, a legendary figure in Uzbekistan and the surrounding countries. He was reputedly a poor, but very wise, man who was fond of playing elaborate jokes on rich men and rulers. He helped the common people through both his wise counsel given to rulers and rich people, and the jokes he played. Again by reputation, he was often offered positions of power and wealth but chose to continue is life as a poor man wandering the world on a donkey.
This statue is near the center of the old part of Bukhara, near the Nadir-Divan-begi Madresseh (the one with the birds on its facade in another photo). Tourists sometimes take advantage of the fact that Khadja can no longer wander around - some showing greater respect than others.