The crisis was triggered by state manipulation of interest rates and amid a spike in bank credit taken by state enterprises to manipulate energy prices.
The state raised energy prices and interest rates and reduced interventions in forex markets from March 2012.
"While these measures were commendable, there is no room for complacency," the Ceylon Chamber of Commerce said in a statement.
"Macroeconomic policy-making should now be informed by the lessons to be learnt from the sharp deterioration in the country’s external account in 2011."
"A repetition of such a policy mix is likely to result in a balance of payments crisis which would have destructive effects both on businesses and the lives of the people of this country.
"The Government’s use of all macroeconomic instruments (flexible exchange rate management, monetary tightening and fiscal measures) earlier this year offers the most promising path for addressing the imbalances that have emerged in the economy."
The Ceylon Chamber also cautioned against excessive foreign borrowing.
"Macroeconomic stability is a crucial element of a conducive investment climate and favourable operating environment for business," the Ceylon Chamber said."Above all, it protects the living standards of ordinary people."
Sri Lanka's currency had depreciated ever since a Central Bank which can control both the exchange rate and interest was created in 1951 to join the failed Betton Woods system of unstable pegs.
Before 1951, Sri Lanka had a currency board, where the exchange rate was fixed (hard pegged) but the interest floated, allowing free movement of capital.
Some analysts have called for the abolition of the Central Bank and the re-establishment of a currency board to regain freedom from currency depreciation and inflation, which became chronic problem after gaining self-determination from British rule.
Analysts have called for formula based energy pricing to end arbitrary interventions rulers in energy tariffs.
Formula based pricing was first implemented after a balance of payments crisis in 2000/2001 but was abandoned in early 2004 after persistent low inflation and currency appreciation due to pressure mostly from the Marxist Nationalist Janatha Vimukthi Peramuna.
